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284(1)Amend section 695 (estates of deceased persons in course of administration: limited interests in residue) as follows.
(2)In subsection (1) for “person who” substitute “company which”.
(3)In subsection (2)—
(a)for “all tax” substitute “corporation tax”,
(b)for “person” substitute “company”, and
(c)for “year of assessment”, in both places where it occurs, substitute “accounting period”.
(4)In subsection (3)—
(a)for “all tax” substitute “corporation tax”,
(b)for “person” substitute “company”,
(c)for “year of assessment”, in both places where it occurs, substitute “accounting period”, and
(d)for “that period” substitute “the administration period”.
(5)In subsection (4)—
(a)for “person” substitute “company”,
(b)for “for any year” substitute “for any accounting period”,
(c)in paragraph (a) for “that year” substitute “the relevant year of assessment”, and
(d)in paragraph (b), omit the words from “and shall” to the end of the paragraph.
(6)In subsection (5)—
(a)for “person” substitute “company”,
(b)for “income tax for any year” substitute “corporation tax for any accounting period”,
(c)for “him”, in both places where it occurs, substitute “it”, and
(d)for “that year” substitute “the relevant year of assessment”.
(7)In subsection (6)—
(a)for “he” substitute “the company”,
(b)for “to income tax” substitute “to corporation tax”, and
(c)omit “, for the purpose of computing his total income,”.
(8)After subsection (6) insert—
“(7)In this section “the relevant year of assessment”, in relation to an amount deemed to have been paid to a company as income for an accounting period by virtue of this section, means the year of assessment for which the amount would have been deemed to have been paid as income if references to accounting periods in subsections (2) and (3) were references to years of assessment.”
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