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 2003 (c. 14) U.K.

621 U.K. The Finance Act 2003 is amended as follows.

622 In section 151(2) (non-resident companies: extent of charge to income tax)—

(a) for paragraph (a) substitute—

“(a) income (other than relevant foreign income) chargeable to tax under—

(i) Chapter 2, 7, 8, 10 or 11 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (interest, purchased life annuity payments, profits from deeply discounted securities, distributions from unauthorised unit trusts and transactions in deposits),

(ii) section 579 of that Act so far as it relates to annual payments (royalties etc. from intellectual property),

(iii) Chapter 4 of Part 5 of that Act so far as it relates to annual payments (certain telecommunication rights: non-trading income), or

(iv) Chapter 7 of Part 5 of that Act (annual payments not otherwise charged),

(aa) income chargeable to tax under Chapter 3 of Part 4 of that Act (dividends etc. from UK resident companies etc.),”, and

(b) omit paragraph (b).

623 U.K. Omit section 176 (foster carers).

624 (1) Amend Schedule 24 (restriction of deductions for employee benefit contributions) as follows.

(2) In paragraph 1—

(a) in sub-paragraph (1)(a) for “tax purposes” substitute “ corporation tax purposes ”, and

(b) in sub-paragraph (2)(a) for “he” substitute “ the employer ”.

(3) In paragraph 3(a) for “tax purposes” substitute “ corporation tax purposes ”.

(4) In paragraph 9(1) omit the definition of “for tax purposes”.

625 U.K. In Schedule 34 (policies of life insurance etc: miscellaneous amendments), in paragraph 15(1), after “1988” insert “ or Chapter 9 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 ”.

626 U.K. Omit Schedule 36 (foster carers).