Tax Memo

 CHAPTER 2   What is a business activity? 

 A.  Basis of chargeable profits 
Chargeable business profits are based on the profits arising from business activities. Therefore, before calculating the profits arising from a transaction, it is necessary to decide whether the activity in question constitutes a business activity, and only then can the taxable profits be calculated.
This section deals with the general principles necessary to establish whether a business is being carried on and it applies equally to companies and to individuals carrying on a trade.

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