Income Tax (Trading and Other Income) Act 2005 (c. 5)

SCHEDULES

SCHEDULE 1 U.K. Consequential amendments

Part 1 U.K. Income and Corporation Taxes Act 1988

265 U.K. In section 646(2) (meaning of “relevant net earnings”)—

(a) in paragraph (a) for “section 74(m), (p) or (q)” substitute “ section 51 of ITTOIA 2005 ”,

(b) after that paragraph insert—

“(aa) deductions in respect of any annuity or other annual payment (other than interest) payable out of his profits;”, and

(c) in paragraph (bb) for “section 332(3) of this Act” substitute “ section 159 of ITTOIA 2005 ”.