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Miscellaneous aspects

In: Tax Guide 2001–2002

Author

Listed:
  • Walter Sinclair

Abstract

Miscellaneous profits not falling within any of the other cases of Schedule D are charged to income tax under Case VI. Such income includes: (1) Profits from furnished lettings (7.5) (generally assessed under Schedule A from 1995–96). (2) Income from underwriting (if not a business). However, Lloyd’s underwriting profits (15.9) are assessed under Schedule D Case I. (3) Income from guaranteeing loans. (4) Income from dealing in futures. However, this is now more likely to be subject to capital gains tax (20.31). (5) Certain capital sums received from the sale of UK patent rights. (6) Post-cessation receipts (11.28). (7) Certain ‘anti-avoidance’ assessments (15.10). (8) Enterprise allowance payments after 17 March 1986. Previously Case I or II applied. Case VI also applies to payments before 18 March which continue subsequently (11.4). (9) Profits on the disposal of certificates of deposit. (10) Gains on certain life policies held by companies (FA 1989 Sch 9). (11) The surplus from converting from the cash to the earnings basis from 1999–2000 (11.27).

Suggested Citation

  • Walter Sinclair, 2001. "Miscellaneous aspects," Palgrave Macmillan Books, in: Tax Guide 2001–2002, chapter 15, pages 223-243, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50544-5_15
    DOI: 10.1057/9780230505445_15
    as

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