SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

149

1

Amend section 444AECB (parts of transfer scheme arrangements: Case I advantage transferor) as follows.

2

In subsection (1)—

a

for “Case I advantage” substitute “ life assurance trade profits advantage ”, and

b

in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

3

In subsection (2)—

a

for “Case I profits” substitute “ section 35 profits ”,

b

for “Case I losses” substitute “ section 35 losses ”, and

c

for “Case I advantage” substitute “ life assurance trade profits advantage ”.

4

In subsection (3)—

a

for “a Case I advantage” substitute “ a life assurance trade profits advantage ”,

b

for “the Case I advantage” substitute “ the advantage ”, and

c

in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

5

In subsection (5)—

a

for “a Case I advantage” substitute “ a life assurance trade profits advantage ”, and

b

for “the Case I advantage” substitute “ the advantage ”.

6

In subsection (6) for “Case I”, in both places where it occurs, substitute “ section 35 ”.

7

In the title for “Case I” substitute “ life assurance trade profits ”.