Finance Act 1995 (c. 4)
484(1)Amend Schedule 22 (prevention of exploitation of transitional provisions to facilitate self-assessment) as follows.
(2)Omit paragraph 2.
(3)In paragraph 3—
(a)in sub-paragraph (1)(a) for “paragraph 2(4) of Schedule 20 to the Finance Act 1994” substitute “paragraph 52 of Schedule 2 to the Income Tax (Trading and Other Income) Act 2005 (“ITTOIA 2005”)”,
(b)in sub-paragraph (2) for “the said paragraph 2(4)” substitute “paragraph 52 of that Schedule”,
(c)in sub-paragraph (4), in the definition of “the transitional overlap period”, after “1996-97” insert “(determined in accordance with paragraph 1 of Schedule 20 to the Finance Act 1994 despite the repeal by ITTOIA 2005 of that paragraph)” and after “that year” insert “(as so determined)”, and
(d)in sub-paragraph (4), in the definition of “the transitional overlap profit”, for “the said paragraph 2(4)” substitute “paragraph 52(2) of Schedule 2 to ITTOIA 2005”.
(4)Omit paragraph 4.
(5)In paragraph 5—
(a)in sub-paragraph (1) for “paragraph 2(4) of Schedule 20 to the Finance Act 1994” substitute “paragraph 52 of Schedule 2 to ITTOIA 2005”,
(b)in sub-paragraph (3) for “the said paragraph 2(4)” substitute “paragraph 52 of Schedule 2 to ITTOIA 2005”, and
(c)in sub-paragraph (5), in the definition of “the transitional overlap profit”, for “the said paragraph 2(4)” substitute “paragraph 52(2) of Schedule 2 to ITTOIA 2005”.
(6)Omit paragraph 6.
(7)In paragraph 7—
(a)in sub-paragraph (1) for “paragraph 6(4) of Schedule 20 to the Finance Act 1994” substitute “paragraph 53 of Schedule 2 to ITTOIA 2005”,
(b)in sub-paragraph (2) for “the said paragraph 6(4)” substitute “paragraph 53 of that Schedule”,
(c)in sub-paragraph (4), in the definition of “the transitional overlap period”, after “1996-97” insert “(determined in accordance with paragraph 1 of Schedule 20 to the Finance Act 1994 despite the repeal by ITTOIA 2005 of that paragraph)” and after “that year” insert “(as so determined)”, and
(d)in sub-paragraph (4), in the definition of “the transitional overlap profit”, for “the said paragraph 6(4)” substitute “paragraph 53(3) of Schedule 2 to ITTOIA 2005”.
(8)Omit paragraphs 8 to 10.
(9)In paragraph 14(1) for “paragraphs 1, 3, 6 and 7” substitute “paragraphs 1, 3 and 7”.
(10)In paragraph 15(1) for “paragraphs 1, 3, 6 and 7” substitute “paragraphs 1, 3 and 7”.
(11)Omit paragraphs 18 to 20.
(12)In the heading for “SCHEDULE 20 TO FINANCE ACT 1994” substitute “SCHEDULE 2 TO ITTOIA 2005 (SO FAR AS RELATING TO OVERLAP PROFIT)”.