15(1)Section 488 of the Taxes Act 1988 (tax liability of co-operative housing associations) is amended as follows.U.K.
(2)In subsection (1)—
(a)in paragraph (b), for the words from “as payable not” to “relates; and” substitute “ in relation to the association as if there were no interest so payable ”; and
(b)omit paragraph (c).
(3)In subsection (2), omit paragraph (b) and the word “and” immediately preceding it.
(4)In subsection (4), omit the words “a member or of”.
(5)In subsection (11A), for “all persons concerned” substitute “ the association ”.
(6)Omit subsection (12).