Section 74 Case IV: basis of assessment

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(1) Income tax under Case IV of Schedule D shall be computed either on the full amount of the profits or gains arising in the year of assessment or according to the average of such a period, not being greater than one year, as the case may require and as may be directed by the inspector.

What income is taxed under Schedule D Case IV?

(1) Income that is not taxed under Schedule D Case I, II, II or V (i.e., miscellaneous income) is taxed under Schedule D Case IV (section 18). ...

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(2) The nature of the profits or gains chargeable to income tax under Case IV of Schedule D, and the basis on which the amount of such profits or gains has been computed, including the average, if any, taken on such profits or gains, shall be stated to the inspector.

What information must I disclose in relation to Case IV income?

(2) You must inform the inspector of the nature of your profits or gains chargeable under Case IV, and you must state the basis on which the profits have been computed.

(3) Every such statement and computation shall be made to the best of the knowledge and belief of the person in receipt of or entitled to the profits or gains.

How must I make the disclosure in relation to Case IV income?

(3) You must make the statement and computation (see (2)) to the best of your knowledge and belief.