SCHEDULES

SCHEDULE 1Consequential amendments

Part 1Income and Corporation Taxes Act 1988

106

1

Amend section 122 (relief in respect of mineral royalties) as follows.

2

In subsection (1)—

a

for the words from “a person resident” to “year of assessment or” substitute “ a company resident in the United Kingdom which in any ”,

b

omit “for the purposes of income tax, or as the case may be”,

c

for “him” substitute “ it ”, and

d

omit “year or” in both places where it occurs.

3

In subsection (2)—

a

omit the words from “brought into account” to “may be,”, and

b

for “subsection (2)” substitute “ subsection (3) ”.

4

Omit subsection (4).