Income Tax (Trading and Other Income) Act 2005

291 (1) Amend section 700 (adjustments and information) as follows.

(2) In subsection (1)—

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

(b) for “year of assessment” substitute “accounting period”,

(c) for “him”, wherever it occurs, substitute “it”,

(d) for “that year”, wherever it occurs, substitute “that accounting period”,

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

(f) for “he” substitute “it”.

(3) In subsection (2)—

(a) for “person”, in both places where it occurs, substitute “company”,

(b) for “year of assessment” substitute “accounting period”,

(c) for “him”, wherever it occurs, substitute “it”,

(d) for “that year”, wherever it occurs, substitute “that accounting period”, and

(e) for “tax” substitute “corporation tax”.

(4) In subsection (3) for “year of assessment” substitute “accounting period”.

(5) In subsection (4) after “this Part” insert “or Chapter 6 of Part 5 of ITTOIA 2005”.

(6) In subsection (5)—

(a) in paragraph (a) for “a year of assessment” substitute “an accounting period”,

(b) omit “and” at the end of paragraph (a),

(c) after paragraph (a) insert—

“(aa) the amount treated as estate income under Chapter 6 of Part 5 of ITTOIA 2005 in respect of that interest or the exercise of that discretion for which he is liable to income tax for a year of assessment, and”,

(d) in paragraph (b) after “paragraph (a)” insert “or (aa)”,

(e) for “any year of assessment” substitute “any accounting period under this Part or treated as estate income under that Chapter”,

(f) after “the purposes of this Part” insert “or that Chapter”, and

(g) for “paragraphs (a) and (b)” substitute “paragraphs (a) to (b)”.