Income Tax Act 2007 (c. 3)

SCHEDULES

SCHEDULE 1 U.K. Minor and consequential amendments

Part 2 U.K. Other enactments

Finance Act 1995 (c. 4) U.K.

364 U.K. The Finance Act 1995 is amended as follows.

365 U.K. Omit section 73 (venture capital trusts: regulations).

366 U.K. Omit section 90 (relief for post-cessation expenditure).

367 (1) Amend section 127 (persons not treated as UK representatives) as follows. U.K.

(2) In subsection (5)(b) for the words from “section 128” to “excluded income” substitute “ Chapter 1 of Part 14 of the Income Tax Act 2007 (limits on liability to income tax of non-UK residents) would fall (apart from the requirements of section 819 of that Act) to be treated as disregarded income (see section 813 of that Act) ”.

(3) In subsection (17) for “section 839 of the Taxes Act 1988” substitute “ section 993 of the Income Tax Act 2007 ”.

368 U.K. Omit section 128 (limit on income chargeable on non-residents: income tax).

369 (1) Amend section 154 (short rotation coppice) as follows. U.K.

(2) In subsection (1)—

(a) omit “Subject to subsection (1A),”, and

(b) for “Tax Acts” substitute “ Corporation Tax Acts ”.

(3) Omit subsection (1A).

370 (1) Amend Schedule 22 (prevention of exploitation of Schedule 2 to ITTOIA 2005 (so far as relating to overlap profit)) as follows. U.K.

(2) In paragraph 5(1)(b) for the words from “section 353” to “provision)” substitute “ section 383 of the Income Tax Act 2007 (relief for interest payments) ”.

(3) In paragraph 17—

(a) in sub-paragraph (2) for “section 839” to the end substitute “ section 993 of the Income Tax Act 2007 (but as if, in subsection (4) of that section, the words from “But this subsection” to the end were omitted). ”, and

(b) in sub-paragraph (6)(a), in paragraph (ii) of the definition of “control”, for “section 840 of that Act” substitute “ section 995 of the Income Tax Act 2007 ”.