343(1)Amend Schedule 5 (treatment of farm animals etc for the purposes of Case I of Schedule D) as follows.U.K.
(2)In paragraph 1—
(a)after “profits” insert “ chargeable to corporation tax ”, and
(b)for “his” substitute “ its ”.
(3)In paragraph 2—
(a)in sub-paragraph (1) for “he” substitute “ the farmer ”,
(b)omit sub-paragraphs (3)(a), (4)(a) and (5), and
(c)in sub-paragraph (6), omit the definitions of “commencement year” and “qualifying year of assessment”.
(4)In paragraph 3—
(a)in sub-paragraph (1) after “profits” insert “ chargeable to corporation tax ”,
(b)in sub-paragraph (3)(b) for “him” substitute “ the farmer ”,
(c)in sub-paragraph (9)(a) for “his” substitute “ the seller's ”, and
(d)in sub-paragraph (10)(b) for “him” substitute “ the farmer ”.
(5)In paragraph 4—
(a)for “him” substitute “ the farmer ”, and
(b)for “he” substitute “ the farmer ”.
(6)In paragraph 5(1) after “profits” insert “ chargeable to corporation tax ”.
(7)In paragraph 6—
(a)in sub-paragraph (1)—
(i)for “his” substitute “ its ”, and
(ii)for “him” substitute “ the farmer ”,
(b)omit sub-paragraphs (2)(a), and (3)(a), and
(c)in sub-paragraph (4), omit the definition of “qualifying year of assessment”.
(8)In paragraph 8—
(a)for “him”, in each place it occurs, substitute “ the farmer ”,
(b)in sub-paragraph (7)—
(i)before “tax” insert “ corporation ”, and
(ii)for “chargeable period” substitute “ accounting period ”.
(9)In paragraph 11 for “chargeable period” substitute “ accounting period ”.