SCHEDULES
SCHEDULE 1Consequential amendments
Part 1Income and Corporation Taxes Act 1988
343
1
Amend Schedule 5 (treatment of farm animals etc for the purposes of Case I of Schedule D) as follows.
2
In paragraph 1—
a
after “profits” insert “
chargeable to corporation tax
”
, and
b
for “his” substitute “
its
”
.
3
In paragraph 2—
a
in sub-paragraph (1) for “he” substitute “
the farmer
”
,
b
omit sub-paragraphs (3)(a), (4)(a) and (5), and
c
in sub-paragraph (6), omit the definitions of “commencement year” and “qualifying year of assessment”.
4
In paragraph 3—
a
in sub-paragraph (1) after “profits” insert “
chargeable to corporation tax
”
,
b
in sub-paragraph (3)(b) for “him” substitute “
the farmer
”
,
c
in sub-paragraph (9)(a) for “his” substitute “
the seller's
”
, and
d
in sub-paragraph (10)(b) for “him” substitute “
the farmer
”
.
5
In paragraph 4—
a
for “him” substitute “
the farmer
”
, and
b
for “he” substitute “
the farmer
”
.
6
In paragraph 5(1) after “profits” insert “
chargeable to corporation tax
”
.
7
In paragraph 6—
a
in sub-paragraph (1)—
i
for “his” substitute “
its
”
, and
ii
for “him” substitute “
the farmer
”
,
b
omit sub-paragraphs (2)(a), and (3)(a), and
c
in sub-paragraph (4), omit the definition of “qualifying year of assessment”.
8
In paragraph 8—
a
for “him”, in each place it occurs, substitute “
the farmer
”
,
b
in sub-paragraph (7)—
i
before “tax” insert “
corporation
”
, and
ii
for “chargeable period” substitute “
accounting period
”
.
9
In paragraph 11 for “chargeable period” substitute “
accounting period
”
.