Income Tax (Trading and Other Income) Act 2005

Finance Act 1997 (c. 16) U.K.

492 U.K. The Finance Act 1997 is amended as follows.

493 U.K. In section 79 (payments under certain life insurance policies)—

(a) in subsection (1)(a) for “the purposes of the Tax Acts” substitute “ corporation tax purposes ”, and

(b) in subsection (3) after “Tax Acts” insert “ other than the Income Tax (Trading and Other Income) Act 2005 ”.

494 (1) Amend Schedule 12 (leasing arrangements: finance leases and loans) as follows. U.K.

(2) In paragraph 11—

(a) in sub-paragraph (9) after “1992” insert “ or section 135, 138, 139 or 140 of ITTOIA 2005 ”,

(b) in sub-paragraph (10)(b) after “1992” insert “ or section 134(2) of ITTOIA 2005 ”,

(c) in sub-paragraph (11)(a) after “Taxes Act 1988” insert “ or section 170 of ITTOIA 2005 ”, and

(d) in sub-paragraph (11)(b) for “of that Act” substitute “ of the Taxes Act 1988 or section 165 or 168 of ITTOIA 2005 ”.

(3) In paragraph 30—

(a) in sub-paragraph (1) before the definition of “lease” insert—

““ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005;”, and

(b) in sub-paragraph (2)(b) for “Case I or II of Schedule D” substitute “ Part 2 of ITTOIA 2005 ”.