SCHEDULES
SCHEDULE 1Consequential amendments
Part 2Other enactments
Finance Act 1999 (c. 16)
509
1
Amend Schedule 6 (tax treatment of receipts by way of reverse premium) as follows.
2
In paragraph 1(1) (application of Schedule)—
a
for “a person receives” substitute “
a company receives
”
,
b
for “him or a person connected with him” substitute “
the company or a person connected with the company
”
, and
c
for “the person receiving the payment or other benefit, or as the case may be the person connected with him” substitute “
the company receiving the payment or other benefit, or as the case may be the person connected with the company
”
.
3
In paragraph 2 (tax treatment of receipts by way of reverse premium)—
a
for “the purposes of the Tax Acts” substitute “
corporation tax purposes
”
,
b
for “the person receiving the reverse premium”, in both places where it occurs, substitute “
the company receiving the reverse premium
”
,
c
for “that person” substitute “
that company
”
,
d
for “tax” substitute “
corporation tax
”
, and
e
for “him” substitute “
the company
”
.
4
In paragraph 3(3) (arrangements not at arm's length)—
a
for “the person receiving” substitute “
the company receiving
”
,
b
for “by him but which he” substitute “
by the company but which it
”
, and
c
for “he carries” substitute “
the company carries
”
.
5
Omit paragraph 6 (exclusion of transaction relating to individual's only or main residence) and the italic cross-heading before it.