414U.K.The Finance Act 1990 is amended as follows.
415(1)Amend section 25 (donations to charity by individuals) as follows.
(2)In subsection (6) for “section 550(2)(a) or (b) of that Act (relief where gain charged at higher rate)” substitute “ sections 535 to 537 of the Income Tax (Trading and Other Income) Act 2005 (top slicing relief) ”.
(3)In subsection (9)—
(a)for paragraph (b) substitute—
“(b)any tax treated as having been paid under—
(i)section 399(2) or 400(2) of the Income Tax (Trading and Other Income) Act 2005 (distributions from UK resident companies etc. on which there is no tax credit);
(ii)section 414(1) of that Act (stock dividend income);
(iii)section 421(1) of that Act (release of loan to participator in close company); or
(iv)section 530(1) of that Act (gains from contracts for life insurance etc);”,
(b)in paragraph (c) for “of that Act” substitute “ of the Taxes Act 1988 ”,
(c)in paragraph (e) omit sub-paragraph (i) and the word “or” at the end of that sub-paragraph, and
(d)in paragraph (e)(ii) for the words from “a relevant amount” to “Schedule F” substitute “ estate income under section 656(3) or 657(4) of the Income Tax (Trading and Other Income) Act 2005, so far as that income is treated under section 679 of that Act as paid from sums within section 680(3)(b) or (4) of that Act ”.
416(1)Amend section 126 (pools payments for football ground improvements) as follows.U.K.
(2)In subsection (2)—
(a)for “person” substitute “ company ”, and
(b)for “tax purposes” substitute “ corporation tax purposes ”.
(3)In subsection (3) after “not” insert “ , for corporation tax purposes, ”.
(4)In subsection (4) after “2001” insert “ (general rule excluding contributions: income and corporation tax) ”.