Income Tax (Trading and Other Income) Act 2005

235 (1) Amend section 577 (business entertaining expenses) as follows. U.K.

(2) In subsection (1)(a)—

(a) for “tax” substitute “ corporation tax ”, and

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

(3) In subsection (3)—

(a) for “any person” substitute “ any company ”,

(b) for “by him”, in the first and second places where it occurs, substitute “ by the company ”, and

(c) for “a member of his staff” substitute “ an employee of the company ”.

(4) In subsection (5)—

(a) for “a person” substitute “ a company ”,

(b) for “a member of his staff” substitute “ an employee of the company ”,

(c) for “that person” substitute “ the company ”,

(d) for “him” substitute “ the company ”, and

(e) for “members of his staff” substitute “ employees of the company ”.

(5) In subsection (7)—

(a) in paragraph (b) for “, profession or vocation” substitute “ or profession ”, and

(b) in paragraph (c)—

(i) for “the members of a person's staff” substitute “ a company's employees ”,

(ii) for “that person” substitute “ the company ”, and

(iii) for “a company”, in both places where it occurs, substitute “ the company ”.

(6) In subsection (8)(b)—

(a) for “him”, in both places where it occurs, substitute “ the donor ”, and

(b) for “relevant tax period” substitute “ accounting period ”.

(7) Omit subsection (8A).

(8) In subsection (10)—

(a) for “any person” substitute “ any company ”,

(b) for “his trade” substitute “ its trade ”, and

(c) for “by him” substitute “ by the company ”.