Income Tax (Trading and Other Income) Act 2005

243 (1) Section 582 (funding bonds issued in respect of interest on certain debts) is amended as follows.

(2) In subsection (1)—

(a) in paragraph (a) for “all the purposes of the Tax Acts” substitute “ all the purposes of the Corporation Tax Acts ”, and

(b) in paragraph (b) at the beginning insert “ where paragraph (a) above or section 380 of ITTOIA 2005 (which makes provision similar to that paragraph for income tax purposes) applies ”.

(3) In subsection (2)—

(a) after “subsection (1) above” insert “ or section 380 of ITTOIA 2005 ”, and

(b) in paragraph (b)(ii)—

(i) after “this section” insert “ or section 380 of ITTOIA 2005 ”, and

(ii) after “Case VI of Schedule D” insert “ (corporation tax) or under Chapter 2 of Part 4 of ITTOIA 2005 (income tax) ”.