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.