Introduction
1.These explanatory notes relate to the Income Tax (Trading and Other Income) Act which received Royal Assent on 24 March 2005. They have been prepared by the Tax Law Rewrite Project at the Inland Revenue in order to assist the reader in understanding the Act. They do not form part of the Act and have not been endorsed by Parliament.
2.The notes need to be read in conjunction with the Act. They are not, and are not meant to be, a comprehensive description of the Act. So where a section or part of a section does not seem to require any explanation or comment, none is given.
3.The commentary on each section indicates the main origin or origins of the section. (A full statement of the origins of each section is contained in the Act’s Table of Origins.)
4.At the end of the commentary there is supporting material in two annexes.
	Annex 1 contains details of the minor changes in the law made by the Act.
	Annex 2 contains a table of destinations for the Extra-Statutory Concessions to which this Act gives statutory effect.