Income Tax (Trading and Other Income) Act 2005

58 (1) Amend section 84 (gifts to educational establishments) as follows. U.K.

(2) In subsection (1)—

(a) for “a person carrying on a trade, profession or vocation” substitute “ a company carrying on a trade or profession ”, and

(b) for “his trade” substitute “ its trade ”.

(3) In subsection (3)—

(a) for “the purposes of the Tax Acts” substitute “ corporation tax purposes ”, and

(b) for “his disposal” substitute “ its disposal ”.

(4) In subsection (3A) for “above is—” to the end substitute “ the period of two years beginning at the end of the accounting period in which the gift is made. ”

(5) Omit subsection (3B).

(6) In subsection (4)—

(a) after “in respect of the gift of an article” insert “ made by the donor ”,

(b) for “chargeable period”, in both places where it occurs, substitute “ accounting period ”,

(c) for “him” substitute “ the donor ”,

(d) before “tax”, in both places where it occurs, insert “ corporation ”, and

(e) for “he” substitute “ the donor ”.