Definitions for business income provisions clarify agreement, paid, plant, scientific research, speculative transactions, and specified derivative transaction rules. Section 66 supplies definitions for Part D of the chapter on profits and gains of business or profession. It expands key expressions such as agreement, ... Summary
Definitions for business income provisions clarify agreement, paid, plant, scientific research, speculative transactions, and specified derivative transaction rules.
Section 66 supplies definitions for Part D of the chapter on profits and gains of business or profession. It expands key expressions such as agreement, banking company, long-term finance, paid, plant, scientific research, service, speculative transaction, and specified derivative transaction, and links several terms to meanings given in other enactments or chapters. It also sets out exclusions and conditions for speculative and derivative transactions, including screen-based trading and contract-note requirements.
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