Proceeds of Crime Act 2002 (c. 29)U.K.
581U.K.The Proceeds of Crime Act 2002 is amended as follows.
582U.K.In section 319(2) (source of income) for “Case 6 of Schedule D” substitute “ Chapter 8 of Part 5 of the Income Tax (Trading and Other Income) Act 2005 ”.
583(1)Amend Schedule 10 (tax) as follows.U.K.
(2)In paragraph 2(7) (introductory) at the end insert “ , and “ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005 ”.
(3)In paragraph 5 (relevant discounted securities)—
(a)for “relevant” substitute “ deeply ”, and
(b)for the words from “Schedule 13” to “c.8)” and “that Schedule” substitute respectively “ Chapter 8 of Part 4 of ITTOIA 2005 ” and “ that Chapter ”.
(4)In paragraph 6 (rights to receive amounts stated in certificates of deposit etc.)—
(a)after “deposit etc.)” insert “ , or a right falling within the definition of “deposit rights” in section 552(1) of ITTOIA 2005 ”, and
(b)for the words “of that Act”, in the second place where they occur, substitute “ of the Taxes Act 1988 or Chapter 11 of Part 4 of ITTOIA 2005 ”.
(5)In paragraph 8 (futures and options)—
(a)for “paragraph 4 of Schedule 5AA to the Taxes Act 1988” substitute “ section 562 of ITTOIA 2005 ”, and
(b)for “that Schedule” substitute “ Chapter 12 of Part 4 of that Act ”.
(6)In paragraph 11 (trading stock)—
(a)in sub-paragraph (3) after “1988” insert “ or section 173 of ITTOIA 2005 ” and after “discontinuance” insert “ or cessation ”, and
(b)in sub-paragraph (4) for “that section” substitute “ section 100 of the Taxes Act 1988 or (as the case may be) section 174 of ITTOIA 2005 ”.