Finance Act 2004

Computation of profits or gains under Schedule D: delayed payment of remuneration U.K.

4 (1) In section 43 of the Finance Act 1989 (c. 26) (Schedule D: computation)— U.K.

(a) in subsection (1) for “profits or gains of a trade to be charged under Schedule D” substitute “ profits or gains to be charged under Schedule D ”, and

(b) in subsection (5) omit “of the trade”.

(2) This amendment (which corrects an error in the amendment made by paragraph 157 of Schedule 6 to the Income Tax (Pensions and Earnings) Act 2003 (c. 1)) has effect—

(a) for the purposes of income tax, for the year 2004-05 and subsequent years of assessment;

(b) for the purposes of corporation tax, for accounting periods ending after 5th April 2004.