Income Tax (Trading and Other Income) Act 2005

457 (1) Amend section 41 (relief for preliminary expenditure) as follows. U.K.

(2) In subsection (1)—

(a) for “tax purposes”, in the first place where it occurs, substitute “ the purposes of corporation tax ”,

(b) for “a person” substitute “ a company within the charge to corporation tax ”,

(c) for “that person” substitute “ the company ”,

(d) for “him” substitute “ it ”, and

(e) after “section 40D above” insert “ or section 143 of ITTOIA 2005 ”.

F1 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) In subsection (7)—

(a) after “this section” insert “ or section 137 of ITTOIA 2005 (corresponding income tax provision) ”, and

(b) for “tax purposes” substitute “ the purposes of corporation tax ”.

Textual Amendments

F1 Sch. 1 para. 457(3) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1