Commentary on Sections Overview Overview Section 37: Credit against tax on trade income: further rules
115.This section supplements section 36 in its application to trade income. It is based on section 798(1) to (3) and (5) of ICTA and paragraph 49 of Schedule 7 to FA 2008.
116.Subsection (6) requires apportionments to be not only reasonable but also just. This is a minor change in the law. See Change 5 in Annex 1. The same change is proposed in section 44.
117.Subsection (7) rewrites section 798(5) of ICTA. Paragraph 49 of Schedule 7 to FA 2008 repealed Chapter 11 of Part 3 of ITTOIA and therefore by implication also repealed the reference to that Chapter in section 798(5)(c) of ICTA. Section 798(5)(c) is therefore expressly repealed without replacement.