SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

154

1

Amend section 703 (cancellation of tax advantage) as follows.

2

In subsection (1)—

a

for “person” substitute “ company ”,

b

for “tax”, in both places where it occurs, substitute “ corporation tax ”,

c

for “he” substitute “ it ”, and

d

for “him” substitute “ it ”.

3

In subsection (2)—

a

for “tax” substitute “ corporation tax ”,

b

for “person” substitute “ company ”, and

c

for “him” substitute “ it ”.

4

In subsection (3)—

a

for “tax advantage”, in both places where it occurs, substitute “ corporation tax advantage ”,

b

for “person” substitute “ company ”,

c

for “him”, in both places where it occurs, substitute “ it ”,

d

omit “in the case of corporation tax”, and

e

for “liability to tax” substitute “ liability to corporation tax ”.

5

Omit subsection (3A).

6

In subsection (9)—

a

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

b

for “him”, wherever it occurs, substitute “ it ”, and

c

for “his” substitute “ its ”.

7

In subsection (10) for “person” substitute “ company ”.

8

Omit subsection (11).

9

In subsection (12)—

a

for “tax advantage”, in both places where it occurs, substitute “ corporation tax advantage ”,

b

for “chargeable period”, in the second place where it occurs, substitute “ accounting period ”, and

c

for “Tax Acts” substitute “ Corporation Tax Acts ”.

10

In the sidenote for “tax” substitute “ corporation tax ”.