Paragraph 28 of Schedule 10 to FA 2006
3514.This paragraph determines a company’s share in the profits or losses of a business. Sub-paragraph (2) refers to section 114(2) of ICTA. That reference is replaced by one to section 1262 of this Act.
3515.Sections 1263 and 1264 legislate a non-statutory practice (see Change 86 in Annex 1). The rules in those sections would not have been taken into account for the purposes of Schedule 10 to FA 2006. So they are excluded by the amendment.
3516.The reference in sub-paragraph (2)(b) to a share in capital allowances and balancing charges has no effect because such allowances and charges are taken into account in calculating the profits or losses of the business. So paragraph (b) is not reproduced in the amendment.