SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 1Income and Corporation Taxes Act 1988
119
1
Amend section 575 (exclusion of relief under section 573 or 574 in certain cases) as follows.
2
In the sidenote omit “or 574”.
3
In subsection (1) for “Sections 573 and 574 do” substitute “
Section 573 does
”
.
4
In subsection (2)—
a
for “person” substitute “
company
”
,
b
for “him” and, in both places where it occurs, “he” substitute “
it
”
, and
c
omit “or 574”, in each place where it occurs.
5
In subsection (3) omit “or 574”.
6
After subsection (3) insert—
4
In this section “new consideration” means consideration in money or money's worth other than consideration of the kind excluded by paragraph (a) or (b) of section 128(2) of the 1992 Act.
7
Transpose section 575 as so amended to after section 573.