SCHEDULES

SCHEDULE 1Consequential amendments

Part 2Other enactments

Finance Act 1988 (c. 39)

401

1

Amend section 38 (maintenance payments under existing obligations: 1989-90 onwards) as follows.

2

In subsection (1) for paragraph (c) substitute—

c

is (apart from this section) within a charge to tax under Chapter 7 of Part 5 of the Income Tax (Trading and Other Income) Act 2005 (annual payments not otherwise charged) and is not, by virtue of Chapter 5 of that Part (settlements), treated for any purpose as the income of the person making it.

3

In subsection (9) for the words from “65(1)(b)” to “1988” substitute “ 839 of the Income Tax (Trading and Other Income) Act 2005 (annual payments payable out of relevant foreign income) ”.