SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

137

1

Amend section 587B (gifts of shares, securities and real property to charities etc) as follows.

2

In subsection (1)—

a

for “Subsections (2) and (3) below apply” substitute “ Subsection (2) below applies ”, and

b

for “an individual, or a company which is not itself a charity,” substitute “ a company which is not itself a charity ”.

3

In subsection (2)—

a

omit paragraph (a)(i),

b

in paragraph (a)(ii) omit “in the case of a disposal by a company,”,

c

in paragraph (b) omit the words from “of this Act” to the end, and

d

omit the words from “but paragraph (a)(i)” to the end.

4

Omit subsection (3).

5

In subsection (5)—

a

for “the person” substitute “ the company ”, and

b

for “him” substitute “ it ”.

6

In subsection (6) for “person” substitute “ company ”.

7

In subsection (7)(a) for “person” substitute “ company ”.

8

In subsection (8)(a) for “subsections (2) and (3)” substitute “ subsection (2) ”.

9

In subsection (8B)(a)—

a

for “the person” substitute “ the company ”, and

b

for “him” substitute “ it ”.

10

In subsection (9)—

a

for the definitions of “authorised unit trust” and “open-ended investment company” substitute—

“authorised unit trust” has the meaning given by section 468;

b

in the definition of “charity” for “each of the bodies mentioned in section 507(1);” substitute

—

a

the Trustees of the National Heritage Memorial Fund;

b

the Historic Buildings and Monuments Commission for England; and

c

the National Endowment for Science, Technology and the Arts;

c

in the definition of “the incidental costs of making the disposal to the person making it” for “person” substitute “ company ”, and

d

after the definition of “offshore fund” insert—

“open-ended investment company” is to be read in accordance with section 468A(2) to (4);

11

In subsection (9B)—

a

for “person”, in both places where it occurs, substitute “ company ”, and

b

for “his”, in both places where it occurs, substitute “ its ”.

12

In subsection (9C)—

a

for “a person, who” substitute “ a company, which ”, and

b

for “the person” substitute “ the company ”.

13

In subsection (12) for “section 587C” substitute “ sections 587BA and 587C ”.