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
”
.