SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

108

1

Amend section 392A (Schedule A losses) as follows.

2

In subsection (1) for “Schedule A loss” substitute “ UK property business loss ”.

3

In subsection (2)—

a

for “Schedule A loss”, in each place where it occurs, substitute “ UK property business loss ”, and

b

for “Schedule A business” substitute “ UK property business ”.

4

In subsection (3)—

a

for paragraph (a) substitute—

a

ceases to carry on a UK property business, or to be within the charge to corporation tax in respect of such a business, but

b

in the words after paragraph (b), for “Schedule A loss” substitute “ UK property business loss ” and for “section 75” substitute “ Chapter 2 of Part 16 of CTA 2009 ”.

5

In subsection (4)—

a

in paragraph (a) for “ “Schedule A loss”” substitute “ “UK property business loss” ” and for “Schedule A business” substitute “ UK property business ”, and

b

in paragraph (b) for “the same meaning as in Part IV” substitute “ the meaning given by section 1218 of CTA 2009 ”.

6

In subsection (5) for “Schedule A business” substitute “ UK property business ”.

7

For the title substitute “ UK property business losses ”.

8

In the cross-heading immediately before the section for “Schedule A business” substitute “ UK property business ”.