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Link to original content: http://www.legislation.gov.uk/ukpga/2005/5/notes/division/5/11/1/6
Income Tax (Trading and Other Income) Act 2005 - Explanatory Notes

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Income Tax (Trading and Other Income) Act 2005

Paragraph 43: section 71 of ICTA

3381.This paragraph omits section 71 of ICTA and that section is repealed in Schedule 3 to this Act.

3382.Section 71 of ICTA applies to all the Cases of Schedule D when a preceding year basis of assessment applies. It provides that a person will remain chargeable in a year when no income from the relevant source arises. It is based on section 22 of FA 1928 which was enacted in response to the House of Lords decision in Whelan v Henning (1926), 10 TC 263 to the effect of “no income in year of assessment, no liability to tax”.

3383.There is no longer a preceding year basis of assessment for any Schedule D Case. So the provision is redundant.

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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