Income Tax (Trading and Other Income) Act 2005

235 (1) Amend section 577 (business entertaining expenses) as follows.

(2) In subsection (1)(a)—

(a) for “tax” substitute “corporation tax”, and

(b) for “the Tax Acts” substitute “the Corporation Tax Acts”.

(3) In subsection (3)—

(a) for “any person” substitute “any company”,

(b) for “by him”, in the first and second places where it occurs, substitute “by the company”, and

(c) for “a member of his staff” substitute “an employee of the company”.

(4) In subsection (5)—

(a) for “a person” substitute “a company”,

(b) for “a member of his staff” substitute “an employee of the company”,

(c) for “that person” substitute “the company”,

(d) for “him” substitute “the company”, and

(e) for “members of his staff” substitute “employees of the company”.

(5) In subsection (7)—

(a) in paragraph (b) for “, profession or vocation” substitute “or profession”, and

(b) in paragraph (c)—

(i) for “the members of a person’s staff” substitute “a company’s employees”,

(ii) for “that person” substitute “the company”, and

(iii) for “a company”, in both places where it occurs, substitute “the company”.

(6) In subsection (8)(b)—

(a) for “him”, in both places where it occurs, substitute “the donor”, and

(b) for “relevant tax period” substitute “accounting period”.

(7) Omit subsection (8A).

(8) In subsection (10)—

(a) for “any person” substitute “any company”,

(b) for “his trade” substitute “its trade”, and

(c) for “by him” substitute “by the company”.