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Other amendments of Chapter 3 of Part 2

Chapter 3 of Part 2 of ITTOIA 2005 (trade profits: basic rules) is amended as follows.

Before section 24 insert the following italic heading—

“Professions and vocations”.

Before section 25C (inserted by paragraph 5 of this Schedule) insert—

“25B Excluded trades

(1)     A trade is an excluded trade in relation to a tax year if the trade meets any of conditions A to G.

(2)     Condition A is that—

(3)     Condition B is that the person who is or has been carrying on the trade was a limited liability partnership at any time during the tax year.

(4)     Condition C is that an election under Chapter 8 (trade profits: herd basis rules) has effect in relation to the trade for the tax year.

(5)     Condition