174(1)Amend section 421 (taxation of borrower where loan under section 419 released etc.) as follows.U.K.
(2)In subsection (1)—
(a)for “advance and” substitute “ advance made to the trustees of a trust and after the trust has ended ”,
(b)in paragraph (a) for “the total income of the person to whom the loan or advance was made”, “him” and “Schedule F” substitute “ the income of the person from whom the debt was due (“the debtor”) for corporation tax purposes ”, “ the debtor ” and “ dividend ” respectively,
(c)in paragraph (b) for “he shall not be liable to pay income tax at the Schedule F” substitute “ the debtor shall not be liable to pay corporation tax at the dividend ”, and
(d)omit paragraphs (c) and (d).
(3)Omit subsections (2) and (3).