Income Tax (Trading and Other Income) Act 2005

58 (1) Amend section 84 (gifts to educational establishments) as follows.

(2) In subsection (1)—

(a) for “a person carrying on a trade, profession or vocation” substitute “a company carrying on a trade or profession”, and

(b) for “his trade” substitute “its trade”.

(3) In subsection (3)—

(a) for “the purposes of the Tax Acts” substitute “corporation tax purposes”, and

(b) for “his disposal” substitute “its disposal”.

(4) In subsection (3A) for “above is—” to the end substitute “the period of two years beginning at the end of the accounting period in which the gift is made.”

(5) Omit subsection (3B).

(6) In subsection (4)—

(a) after “in respect of the gift of an article” insert “made by the donor”,

(b) for “chargeable period”, in both places where it occurs, substitute “accounting period”,

(c) for “him” substitute “the donor”,

(d) before “tax”, in both places where it occurs, insert “corporation”, and

(e) for “he” substitute “the donor”.