Statute
Section 257MP — Income Tax Act 2007: Meaning of “qualifying trade”
Text of the provision Official document
Meaning of “qualifying trade” 257MP 1 For the purposes of this Chapter, a trade is a qualifying trade if—
a it is conducted on a commercial basis and with a view to the realisation of profits, and b it does not at any time in the shorter applicable period consist wholly or as to a substantial part in the carrying-on of excluded activities.
2 References in this section and sections 257MQ to 257MT (excluded activities) to a trade are to be read without regard to the definition of “trade” in section 989.
Official source: legislation.gov.uk
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