Miscellaneous income & gains summary

The charge to tax as miscellaneous income is a sweep-up charge. The provisions charge tax on income that is not otherwise taxable as income under Corporation tax provisions.

Examples include:

• Income received under an agreement or arrangement which is not otherwise taxable.
• Payment for the use of money that does not fall within the loan relationships legislation.

Miscellaneous income and gains summary shows details of all income identified on Profit & loss as Miscellaneous income.

You cannot enter details of current period miscellaneous income directly on to Miscellaneous income and gains summary. The only details to be entered directly are for any miscellaneous loss brought forward, together with the amounts of brought forward loss relieved in the current period.