SCHEDULES

SCHEDULE 5Corporate interest restriction

PART 3Consequential amendments

TIOPA 2010: consequential renumbering

10

1

In consequence of the insertion of a new Part 10 of TIOPA 2010 by Part 1 of this Schedule, the existing Part 10 of that Act becomes a new Part 11.

2

The following provisions of TIOPA 2010 are repealed—

a

the existing sections 375 and 376 (which contain powers that are no longer exercisable), and

b

the existing section 381(2)(e) and (f) (which refer to those sections);

but the repeals made by this sub-paragraph do not affect any orders made under section 375 or 376 before the passing of this Act.

3

As a result of the provision made by sub-paragraphs (1) and (2), the following provisions of TIOPA 2010 are renumbered as follows—

a

the existing section 372 becomes section 499;

b

the existing section 373 becomes section 500;

c

the existing section 374 becomes section 501;

d

the existing section 377 becomes section 502;

e

the existing section 378 becomes section 503;

f

the existing section 379 becomes section 504;

g

the existing section 380 becomes section 505;

h

the existing section 381 becomes section 506;

i

the existing section 382 becomes section 507.

4

Consequently—

a

in section 287(2A) of TCGA 1992, for “372” substitute “ 499 ”;

b

in section 1014(2)(fa) of ITA 2007, for “372” substitute “ 499 ”;

c

in section 1171(2)(f) of CTA 2010, for “372” substitute “ 499 ”;

d

in section 1 of TIOPA 2010—

i

in subsection (4), for “10” substitute “ 11 ”;

ii

in subsection (5), for “373” substitute “ 500 ”;

e

in section 381(2) of TIOPA 2010—

i

in paragraph (a), for “372” substitute “ 499 ”;

ii

in paragraph (b), for “373” substitute “ 500 ”;

iii

in paragraph (d), for “374” substitute “ 501 ”;

iv

in paragraph (g), for “377(2) and (3)” substitute “ 502(2) and (3) ”;

v

in paragraph (h), for “380” substitute “ 505 ”;

vi

in paragraph (i), for “382” substitute “ 507 ”.

5

In section 379(1) and (2) of TIOPA 2010 (index of defined expressions), for “8” substitute “ 10 ”.