SCHEDULES

SCHEDULE 12 Close Companies

Part II Amendments Connected with Repeal of Chapter III of Part XI of Taxes Act1988

The Income and Corporation Taxes Act 1988 (c.1)

10

(1)

In section 214 of the Taxes Act 1988 (chargeable payments connected withexempt distributions) in subsection (1)(c) for the words from “338(2)(a)”to “Schedule 19” there shall be substituted the words “and338(2)(a)”.

(2)

This paragraph shall have effect in relation to accounting periodsbeginning after 31st March 1989, except in any case where section 427(4) ofthe Taxes Act 1988 has effect by virtue of section 103(2) of this Act.