SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Income Tax (Trading and Other Income) Act 2005 (c. 5)

536

1

Amend section 535 (top slicing relief) as follows.

2

After subsection (2) insert—

2A

If the relief is given by a reduction in income tax, it is given effect at Step 6 of the calculation in section 23 of ITA 2007.

F13

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4

After subsection (6) insert—

7

For the purposes of the calculations mentioned in subsection (1) any relief under Chapter 2 or 3 of Part 8 of ITA 2007 (which relate to gift aid and other gifts to charities) is ignored.