Section 7 | Income charged

(1)Tax is charged under this Chapter on the full amount of the profits of the tax year (including amounts treated as profits of the tax year under section 23E(1) , section 23I or section 23M).

(2)Repealed

(3)Repealed

(4)This section is subject to Part 8 (foreign income: special rules).

(5)And, for the purposes of section 830 (meaning of “relevant foreign income”), the profits of a trade, profession or vocation arise from a source outside the United Kingdom only if the trade, profession or vocation is carried on wholly outside the United Kingdom.