This section has no associated Explanatory Notes
189(1)Amend section 491 (distribution of assets of body corporate carrying on mutual business) as follows.U.K.
(2)In subsection (1) for “any person” substitute “ any company ”.
(3)In subsection (2) for “the person” substitute “ the company ”.
(4)In subsection (3)—
(a)for “the purposes of tax”, wherever it occurs, substitute “ the purposes of corporation tax ”,
(b)for “the recipient”, wherever it occurs, substitute “ the recipient company ”,
(c)after “be charged” insert “ to corporation tax ”, and
(d)for “chargeable period” substitute “ accounting period ”.
(5)In subsection (4) omit “113 or”.
(6)Omit subsection (5).
(7)In subsection (10) omit “or vocation”.