722U.K.The Finance Act 2007 is amended as follows.
723U.K.In section 113 (interpretation) after the definition of “CRCA 2005” insert—
““CTA 2009” means the Corporation Tax Act 2009;”.
724U.K.In Schedule 3 (managed service companies) omit paragraph 10.
725(1)Amend Schedule 7 (insurance business: gross roll-up business etc) as follows.U.K.
(2)In paragraph 85—
(a)in sub-paragraph (1) omit “(a “Case VI loss”)” and “(a “Case I loss”)”, and
(b)in sub-paragraph (2)—
(i)for “Case VI losses” substitute “ losses so treated ”, and
(ii)for “Case I losses” substitute “ losses of the transferee ”.
(3)For the italic cross-heading before paragraph 85 substitute “ Losses transferred under section 444AZA ”.
(4)In paragraph 86(4) and (5) for “Case VI” substitute “ gross roll-up business ”.
(5)For the italic cross-heading before paragraph 86 substitute “ Losses transferred under section 444AZB ”.
726(1)Amend Schedule 13 (sale and repurchase of securities) as follows.U.K.
(2)In paragraph 1(1) after “in that case” insert “ in respect of chargeable gains ”.
(3)Omit paragraphs 2 to 5, 7 to 10 and 12.
(4)In paragraph 14—
(a)in the definition of “creditor quasi-repo” for “paragraph 8” substitute “ section 544 of CTA 2009 ”,
(b)in the definition of “creditor repo” for “paragraph 7” substitute “ section 543 of CTA 2009 ”,
(c)in the definition of “debtor quasi-repo” for “paragraph 3” substitute “ section 549 of CTA 2009 ”,
(d)in the definition of “debtor repo” for “paragraph 2” substitute “ section 548 of CTA 2009 ”, and
(e)in the definition of “the loan relationship rules” for “Chapter 2 of Part 4 of FA 1996” substitute “ Part 5 of CTA 2009 ”.
(5)In paragraph 15(9)(b) for “paragraph 12” and “paragraph 10” substitute “ section 547 of CTA 2009 ” and “ section 546 of that Act ” respectively.
727U.K.In paragraph 28(fa) of Schedule 24 (penalties for errors)—
(a)in paragraph (i) for “Schedule 20 to FA 2000” substitute “ Chapter 2 or 7 of Part 13 of CTA 2009 ”,
(b)in paragraph (ii) for “Schedule 22 to FA 2001” substitute “ Chapter 3 or 4 respectively of Part 14 of CTA 2009 ”,
(c)omit paragraph (iii), and
(d)in paragraph (iv) for “Schedule 5 to FA 2006” substitute “ Chapter 3 of Part 15 of CTA 2009 ”.