Schedule A


Schedule A
the provision under which the Inland Revenue taxes the annual profits or gains arising in respect of rents or similar payments arising from ownership of land or an interest therein in the UK.

Collins dictionary of law. . 2001.


Schedule A
In the UK, income tax is charged on income falling within certain categories which until recently were known as "Schedules". The Schedule A rules taxed the annual profits arising from any business ("Schedule A business") carried on for the exploitation, as a source of rents or other receipts (for example, premiums), of any estate, interest or rights in or over land in the UK. However, since the enactment of the Income tax (Trading and Other Income) Act 2005, the Schedule A rules as they apply to individuals have been subsumed within Part 3 of the Income Tax (Trading and Other Income) Act 2005. The term "Schedule A" still applies to companies.
The rules provide that expenditure of a non-capital nature incurred wholly and exclusively for the purposes of the Schedule A business will generally be deductible for the purposes of computing the taxable profits of the Schedule A business, for example, rents, rates, advertising expenses, insurance and repairs (but not improvements which may instead qualify for capital allowances). For the purposes of income tax, interest on loans used to buy a property used in a Schedule A business or to fund repairs and improvements will be deductible.
For further information, see the HM Revenue & Customs website.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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