583(1)Amend section 27 (tax exemption for NDA activities) as follows.U.K.
(2)In subsection (8)—
(a)in the definition of “trading income”—
(i)in paragraph (a), after “trade” insert “ carried on wholly or partly in the United Kingdom ”, and
(ii)in paragraph (b) for “Case I of Schedule D” substitute “ Chapter 2 of Part 3 of the Corporation Tax Act 2009 ”, and
(b)in the definition of “trading losses”—
(i)after “trade” insert “ carried on wholly or partly in the United Kingdom ”, and
(ii)for “Case I of Schedule D” substitute “ Chapter 2 of Part 3 of the Corporation Tax Act 2009 ”.
(3)In subsection (9)—
(a)in paragraph (a) for “Chapter 2 of Part 4 of the Finance Act 1996 (c. 8)” substitute “ Part 5 of the Corporation Tax Act 2009 ”, and
(b)in paragraph (b) for “under Schedule 26 to the Finance Act 2002 (c. 23) (derivative contracts)” substitute “ in accordance with Part 7 of the Corporation Tax Act 2009 (derivative contracts) ”.