SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 1Income and Corporation Taxes Act 1988
37
1
Amend section 273 (payments securing annuities) as follows.
2
In subsection (1) for “deduction from the amount of income tax on which he or she is chargeable” substitute “
tax reduction
”
.
3
In subsection (2) for “No deduction may be made” substitute “
There is no entitlement to a tax reduction
”
.
4
After subsection (2) insert—
3
A tax reduction under this section is given effect at Step 6 of the calculation in section 23 of ITA 2007.