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”.