23(1)Schedule 22 to FA 2001 (remediation of contaminated land) is amended as follows.U.K.
(2)In paragraph 14 (entitlement to land remediation tax credit)—
(a)in sub-paragraph (7), omit “or (13)”, “and charges on income” and “and charges”,
(b)in sub-paragraph (8), omit “or (13)”, and
(c)in sub-paragraph (9)—
(i)for “Step 6” substitute “ Step 7 ”, and
(ii)omit “or (13)”, in the first place.
(3)In paragraph 17 (restriction on losses carried forward), omit—
(a)in sub-paragraph (3)(b), “or (13)”, “and charges on income” and “and charges”, and
(b)in sub-paragraph (4), “or (13)”.
(4)In paragraph 21 (provision in respect of I minus E basis), for the words after “where” substitute “ an insurance company is charged to tax under the I minus E basis in respect of its life assurance business for any accounting period. ”
(5)In paragraph 22(2) (entitlement to relief: I minus E basis), for “is entitled to relief for that accounting period in respect of its qualifying expenditure” substitute “ may treat the amount of its qualifying expenditure as expenses payable which fall to be brought into account for that accounting period at Step 1 in section 76(7) of the Taxes Act 1988 ”.
(6)In paragraph 24 (entitlement to life assurance company tax credit), omit—
(a)in sub-paragraph (3), “or (13)”, in the first place, and
(b)in sub-paragraph (2)(b), “or (13)”, “and charges on income” and “and charges”.
(7)In paragraph 27(1) (restriction on carrying forward expenses payable)—
(a)in paragraph (a), omit “or (13)”, and
(b)in paragraph (b), omit “for the next accounting period”.
(8)The amendments made by this paragraph have effect in relation to accounting periods beginning on or after 1 January 2008.