SCHEDULES

SCHEDULE 1Consequential amendments

Part 1Income and Corporation Taxes Act 1988

194

In section 502(1) (interpretation of Chapter 5), in the definition of “ring fence trade”—

(a)

in paragraph (a) for “any of paragraphs (a) to (c) of subsection (1) of section 492” substitute “the definition of “oil-related activities” in section 16(2) of ITTOIA 2005 or within section 492(1) above”, and

(b)

in paragraph (b) for “that subsection” substitute “section 16(1) of ITTOIA 2005 or section 492(1) above”.