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”.