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 ”.