SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

222

1

Amend section 768C (deductions: asset transferred within group) as follows.

2

In subsection (7) for “section 75” substitute “section 1219 of CTA 2009 (expenses of management of a company’s investment business)”.

3

In subsection (9)—

a

omit “and non-trading deficits”,

b

for “Chapter II of Part IV of the Finance Act 1996” substitute “Part 5 of CTA 2009”,

c

for “paragraph 14(3) of Schedule 26 to the Finance Act 2002” substitute “section 574 of that Act”, and

d

at the end insert “and the non-trading deficits in respect of those relationships that may be carried forward”.

4

In subsection (12) for “same meaning as in Part 4” substitute “meaning given by section 1218 of CTA 2009”.

5

In subsection (13)—

a

for “Schedule 29 to the Finance Act 2002” substitute “Part 8 of CTA 2009”,

b

in paragraph (a) for “paragraph 55 of that Schedule” substitute “section 775 of CTA 2009”,

c

in paragraph (b) for “that Act”, “that Schedule”, in the first place where it occurs, and “a credit within paragraph 34(1)(a) of that Schedule (non-trading credits)” substitute “the 1992 Act”, “that Part” and “a non-trading credit for the purposes of that Part (see section 746 of that Act)” respectively,

d

in paragraph (c) for “that Schedule” substitute “that Part (see section 734(1) of that Act)”, and

e

in paragraph (d) for “Part 6 of that Schedule” substitute “Chapter 6 of that Part”.