Finance Act 2005

Finance (No.2) Act 1992 (c. 48)

21 (1) Section 40D of F(No 2)A 1992 (election for sections 40A and 40B not to apply) is amended as follows.

(2) In subsection (2)—

(a) in paragraph (a)—

(i) in sub-paragraph (i) after “exploitation of” insert “original”, and

(ii) in sub-paragraph (ii) for “a master” substitute “the original master”, and

(b) in paragraphs (b) and (c) for “the master” substitute “the original master”.

(3) In each of the following provisions for “the master”, in each place it occurs, substitute “the original master”—

• subsection (3)(a);

• subsection (4) as it has effect, after 5th April 2005, for corporation tax purposes for accounting periods ending after that date;

• subsection (4) as it has effect in any other case;

• subsection (6).

(4) In subsection (7) for “a master” substitute “the original master”.