315(1)Amend Schedule 15 (the corporate venturing scheme) as follows.U.K.
(2)In paragraph 8—
(a)in sub-paragraph (2) for “section 416(2) to (6) of the Taxes Act 1988” substitute “ sections 450 and 451 of CTA 2010 ”, and
(b)in sub-paragraph (5) for “section 416(2) of that Act” substitute “ sections 450(2) to (4) of CTA 2010 ”.
(3)In paragraph 9(1) for “section 254 of the Taxes Act 1988” substitute “ section 1115 of CTA 2010 ”.
(4)In paragraph 17(3) for “section 840 of the Taxes Act 1988” substitute “ section 1124 of CTA 2010 ”.
(5)In paragraph 20(3) for “section 416(2) to (6) of the Taxes Act 1988” substitute “ sections 450 and 451 of CTA 2010 ”.
(6)In paragraph 21A for sub-paragraph (3) substitute—
“(3)In sub-paragraph (2) “property deriving its value from land” has the meaning given by section 833(2) of CTA 2010”.
(7)In paragraph 23A(1)(d) for “section 840 of the Taxes Act 1988” substitute “ section 1124 of CTA 2010 ”.
(8)In paragraph 33(3)(c)—
(a)for “section 344(2) of the Taxes Act 1988” substitute “ section 942 of CTA 2010 ”, and
(b)for “section 343” substitute “ section 941 ”.
(9)In paragraph 33(5) for “section 416(2) to (6) of the Taxes Act 1988” substitute “ sections 450 and 451 of CTA 2010 ”.
(10)In paragraph 46(2)(a) omit “for full consideration”.
(11)In paragraph 70—
(a)in sub-paragraph (1)(a) for “section 573 of the Taxes Act 1988” substitute “ Chapter 5 of Part 4 of CTA 2010 ”,
(b)omit sub-paragraph (1)(b) and the word “and” immediately before it, and
(c)in sub-paragraph (2)(a) for “section 573(2) of the Taxes Act 1988” substitute “ section 70 of CTA 2010 ”.
(12)In paragraph 94(4) for “section 834(1) of the Taxes Act 1988” substitute “ section 1119 of CTA 2010 ”.
(13)In paragraph 102(1)—
(a)in the definition of “director” for “section 417(5) of the Taxes Act 1988” substitute “ section 452 of CTA 2010 ”,
(b)in the definition of “ordinary share capital” for “section 832(1) of the Taxes Act 1988” substitute “ section 1119 of CTA 2010 ”,
(c)in the definition of “research and development” for “section 837A of the Taxes Act 1988” substitute “ section 1138 of CTA 2010 ”, and
(d)at the appropriate place insert—
““CTA 2010” means the Corporation Tax Act 2010;”.
(14)In paragraph 102(3) for “Section 839 of the Taxes Act 1988” substitute “ Section 1122 of CTA 2010 ”.
(15)In paragraph 103 at the appropriate place insert—
| “CTA 2010 | paragraph 102(1)” |