SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

155

1

Amend section 704 (the prescribed circumstances) as follows.

2

After “The circumstances mentioned in section 703(1) are” insert “ as follows (and in this section references to “the section 703(1) company” are references to the company referred to in that section) ”.

3

In paragraph A—

a

for “person in question” substitute “ section 703(1) company ”,

b

in paragraph (a) for “tax” substitute “ corporation tax ”, and

c

omit from “, or” at the end of paragraph (da) to the end of paragraph (g).

4

In paragraph B(1)—

a

for “person in question” substitute “ section 703(1) company ”, and

b

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

5

In paragraph B(2) for “tax advantage” substitute “ corporation tax advantage ”.

6

In paragraph C(1)—

a

for “person in question”, in both places where it occurs, substitute “ section 703(1) company ”,

b

at the end of sub-paragraph (b) add “or section 687 of ITA 2007”, and

c

for “he” substitute “ it ”.

7

In paragraph D(1) for “person in question” substitute “ section 703(1) company ”.

8

In paragraph E—

a

in sub-paragraph (1) for “person in question” substitute “ section 703(1) company ”,

b

in sub-paragraph (2)—

i

for “person” substitute “ company ”,

ii

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

iii

for “the year” substitute “ the accounting period ”, and

c

in the definition of “non-taxable” in sub-paragraph (3)—

i

for “person” substitute “ section 703(1) company ”, and

ii

for “tax” substitute “ corporation tax ”.