(1) Tax is charged under this Chapter on the full amount of the receipts received in the tax year.
(2) This is subject to—
(a) sections 254 and 255 (allowable deductions), and
(b) section 257 (election to carry back).
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 & Reliefs95Company Law & Business Entities92Personal Taxes94Companies & Corporate Bodies92Income Tax95Trading Income94Tax Law95