Commentary

B2.101 What profits and losses are taxable as trading income?

Business tax
Business tax | Commentary

B2.101 What profits and losses are taxable as trading income?

Business tax | Commentary

Part B2     How are trade profits and losses calculated?

Contents of Part B2

B2.1     Establishing trade profits and losses

B2.2     Trade receipts

B2.3     Trading expenses—general principles of deductibility

B2.3A     Trading expenses—capital vs revenue

B2.3B     Trading expenses—incurred wholly and exclusively

B2.4     Allowable deductions—specific items

B2.5     Recognition of receipts and expenses in periods of account

B2.6     Trading stock

B2.8     Post-cessation receipts

Division B2.1     Establishing trade profits and losses

For updates affecting this Division please see Part B0 Updates

Establishing trade profits and losses

B2.101 What profits and losses are taxable as trading income?

A charge to income tax is imposed on1:

  1.  

    •     profits arising from the trade, profession or vocation

  2.  

    •    

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