Miscellaneous Aspects

Walter Sinclair and Barry Lipkin

Chapter Chapter 15 in Tax Guide 2014–2015, 2014, pp 222-249 from Palgrave Macmillan

Abstract: Abstract The consolidating and rewriting statutes, ITTOIA (2.10), ITA 2007 and CTA 2009 eliminated the classification of income under the previous schedules and cases, Schedule D Case VI being particularly relevant to this chapter. Although the basic rules have largely continued, each type of income taxable under miscellaneous profits is now specified in law, rather than swept up by exception. Such income includes: (1) Income from underwriting (if not a business), but Lloyd’s underwriting profits (15.9) were assessed as a trade (under Schedule D Case I). (2) Income from guaranteeing loans. (3) Income from dealing in futures. However, this is now more likely to be subject to capital gains tax (20.31). (4) Certain capital sums received from the sale of UK patent rights. (5) Post-cessation receipts (11.28). (6) Certain ‘anti-avoidance’ assessments (15.10). (7) Enterprise allowance payments after 17 March 1986. Previously Case I or II applied. Case VI also applied to payments before 18 March 1986 which continued subsequently (11.4). (8) Profits on the disposal of certificates of deposit. (9) Gains on certain life policies held by companies. (10) The surplus from converting from the cash to the earnings basis from 1999–2000 (11.27).

Keywords: Capital Gain; Friendly Society; Capital Allowance; Offshore Fund (search for similar items in EconPapers)
Date: 2014
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-41194-5_15

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137411945

DOI: 10.1057/9781137411945_15

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().