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.