Income Tax (Trading and Other Income) Act 2005 (c. 5)

SCHEDULES

Valid from 06/04/2005

SCHEDULE 1 U.K. Consequential amendments

Part 2 U.K. Other enactments

Finance Act 1993 (c. 34) U.K.

462 U.K. The Finance Act 1993 is amended as follows.

463 U.K. In section 112(7) (employers' pension contributions) in the definition of “basis period” after “Schedule D” insert “ or under Part 2 of the Income Tax (Trading and Other Income) Act 2005 ”.

464 (1) Amend section 171 (Lloyd's underwriters etc: taxation of income tax profits) as follows. U.K.

(2) In subsection (2) for paragraphs (a) and (b) substitute—

“(a) the aggregate of those profits shall be chargeable to tax under Chapter 2 of Part 2 of the Income Tax (Trading and Other Income) Act 2005 as the profits of a trade carried on in the United Kingdom; and

(b) accordingly, no part of those profits shall be treated as relevant foreign income, or be charged to tax under any other Part of that Act or any Part of the Income Tax (Earnings and Pensions) Act 2003;”.

(3) In subsection (2B) for “section 231(1) of the Taxes Act 1988” substitute “ section 397(1) of the Income Tax (Trading and Other Income) Act 2005 ”.

465 U.K. In paragraph 13(4) of Schedule 19 (Lloyd's underwriters etc: repayment of tax deducted etc. from investment income) after “others)” insert “ and section 749 of the Income Tax (Trading and Other Income) Act 2005 (exemption of interest paid under repayment supplements) so far as it relates to interest paid under section 824 of the Taxes Act 1988 ”.

466 (1) Amend Schedule 20A (Lloyd's underwriters: conversion to limited liability underwriting) as follows. U.K.

(2) In paragraph 2(2) for “Schedule D” substitute “ Part 2 of the Income Tax (Trading and Other Income) Act 2005 ”.

(3) In paragraph 7(2) for “Schedule D” substitute “ Part 2 of the Income Tax (Trading and Other Income) Act 2005 ”.