... the basis of calculating the taxable income, and the method of assessment and payment. The rules are set out in 3 'schedules' - A, D and F (found in the Taxes Act 1988). SCHEDULE A - covers income from property, i.e. rents SCHEDULE D - incorporates six sub-divisions of income, or 'cases': 1) Deals with the profits of a trade or business 2) Applies to income from professions, e.g. lawyers/doctors/accountants 3) Taxes interest from a loan; from government securities, cooperative society dividends; and other untaxed income. 4) Covers income from foreign securities 5) Covers income from foreign possessions - business profits, dividends and rents from abroad 6) Covers all income not falling within the other schedules - such as dealings in futures, revision of 'venture capital' relief and development gains SCHEDULE F - covers income tax payable by a limited company or other corporate body and embodies the tax credit on the dividend. DIRECT TAXES INCOME TAX Taxpayers are obliged to complete income ...

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