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Income Tax (Trading and Other Income) Act 2005
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- UK Public General Acts
- 2005 c. 5
- SCHEDULE 1
- Part 1
- Paragraph 316
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316(1)Amend section 781 (assets leased to traders and others) as follows.
(2)In subsection (1) for “under Case VI of Schedule D for the chargeable period in which the sum is obtained with tax” substitute “to tax (in the case of corporation tax, under Case VI of Schedule D) for the chargeable period in which the sum is obtained”.
(3)In subsection (4) after paragraph (a) insert—
“(ab)a deduction in computing profits or other income or gains chargeable to income tax under or by virtue of any provision to which section 836B applies, or in computing any loss for which relief is allowable under section 392;”.
(4)In subsection (4)(b) omit “392 or”.
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