SCHEDULES
SCHEDULE 6Consequential Amendments
Part 1Income and Corporation Taxes Act 1988
55
1
Amend section 418 (“distribution” to include certain expenses of close companies) as follows.
2
In subsection (3)(a)—
a
for “to which Chapter II of Part V applies” substitute “to which Part 3 of ITEPA 2003 applies (earnings and benefits etc. treated as employment income) without the exclusion in section 216 of that Act (provisions not applicable to lower-paid employment)”; and
b
for “sections 154 to 165” substitute “
Chapters 6 to 10 of Part 3 and section 223 of that Act (cars and vans, loans, shares, other benefits, and payments on account of director’s tax)
”
.
3
In subsection (3)(b) for “section 145” substitute “
Chapter 5 of Part 3 of ITEPA 2003
”
.
4
In subsection (4) for “Chapter II of Part V” substitute “
Chapters 6 to 10 of Part 3 of ITEPA 2003
”
.