SCHEDULES

SCHEDULE 14Gifts to the nation

PART 2Income tax and capital gains tax

Order in which benefit is applied

5

1

If the tax reduction figure allocated to a relevant tax year is less than the amount determined under paragraph 4(1)(b) for that tax year, the benefit of paragraph 3(1) is to be applied to N's tax liability in the order specified in the agreed terms.

2

If no order is specified, the order is—

a

first, to N's liability to income tax for that year, and

b

then, to N's liability to capital gains tax for that year.