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Starting and ceasing to trade17Effect of becoming or ceasing to be a UK resident

(1)    This section applies if—

(a)    an individual carries on a trade wholly or partly outside the United Kingdom otherwise than in partnership, and

(b)    the individual becomes or ceases to be UK resident.

(2)    The individual is treated for income tax purposes—

(a)    as permanently ceasing to carry on the trade at the time of the change of residence, and

(b)    so far as the individual continues to carry on the trade, as starting to carry on a new trade immediately afterwards.

(3)    But subsection (2) does not prevent a loss made before the change of residence from being set off under section 385 of ICTA against profits arising after the change.

(4)    This section applies to professions and vocations as it applies to trades.

(5)    In the case of a trade carried on by a firm, see sections 852(6) and (7) and 854(5).

NOTES
Initial Commencement
Specified date

This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Income Tax Allowances, Deductions & Reliefs94 Company Law & Business Entities92 Personal Taxes92 Companies & Corporate Bodies92 Income Tax99 Trading Income92 Tax Law99 Administration & Collection of Income Tax99

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