Commentary on Sections Overview
147.This Part contains the rules relating to trading income. The Part charges:
	the profits of a trade (charged in the source legislation under Schedule D Case I or V); and
	post-cessation receipts (charged in the source legislation under Schedule D Case VI).
148.The structure of the Part is to:
	identify the income taxed as profits of a trade (Chapter 2);
	calculate the profits of the trade (Chapters 3 to 7);
	apply the rules for particular trades (Chapters 8 and 9);
	apply other rules affecting the calculation of profits of the trade (Chapters 10 to 14); and
	identify the other component of trading income – post-cessation receipts – (Chapter 15).
149.This Part is not an exhaustive statement of the rules for the calculation of trading income. Other regimes may affect that calculation. In particular, Parts 5 to 8 and 11 to 15 of this Act contain rules that may affect trade profits.
150.References to “profits or gains” in the source legislation which relate only to income are rewritten in this Part omitting the reference to “gains”. This continues the tidying up of such references started in section 46(3) of, and Schedule 7 to, FA 1998.