(1) Tax is charged under section 579 on the full amount of the income arising in the tax year.
(2) Subsection (1) is subject to Part 8 (foreign income: special rules).
(3) See section 582 for provision about the calculation of the amount of income charged under section 579.
(4) This section needs to be read with section 527 of ICTA (spreading of patent royalties etc over several years).
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.
Foreign Income92Miscellaneous Income92Income Tax Allowances, Deductions & Reliefs93Company Law & Business Entities92Companies & Corporate Bodies92Income Tax92Trading Income95International Tax99Tax Law92Exempt Income92Personal Taxes95Overseas Elements of Income Tax99