Income Tax (Trading and Other Income) Act 2005 (c. 5)

SCHEDULES

SCHEDULE 1 U.K. Consequential amendments

Part 2 U.K. Other enactments

Finance Act 1988 (c. 39) U.K.

400 U.K. The Finance Act 1988 is amended as follows.

401 (1) Amend section 38 (maintenance payments under existing obligations: 1989-90 onwards) as follows. U.K.

(2) In subsection (1) for paragraph (c) substitute—

“(c) is (apart from this section) within a charge to tax under Chapter 7 of Part 5 of the Income Tax (Trading and Other Income) Act 2005 (annual payments not otherwise charged) and is not, by virtue of Chapter 5 of that Part (settlements), treated for any purpose as the income of the person making it.”

(3) In subsection (9) for the words from “65(1)(b)” to “1988” substitute “ 839 of the Income Tax (Trading and Other Income) Act 2005 (annual payments payable out of relevant foreign income) ”.

402 U.K. In section 73(2) (consideration for certain restrictive undertakings)—

(a) for “person” substitute “ company ”, and

(b) for “tax” substitute “ corporation tax ”.

403 U.K. In Schedule 6 (commercial woodlands) in paragraph 3(2) for “person” substitute “ company ”.

404 U.K. In Schedule 12 (building societies: change of status) for paragraph 7 substitute—

“Certified SAYE savings arrangements U.K.

7 Section 702 of the Income Tax (Trading and Other Income) Act 2005 (interest under certified SAYE savings arrangements to be exempt from income tax) shall have effect in relation to any interest (or bonus) payable after the transfer under a savings arrangement which immediately before the transfer was a certified SAYE savings arrangement (within the meaning of section 703(1) of that Act) in relation to the society despite the fact that it ceased to be such an arrangement by reason of the transfer.”