SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

139

(1)

Amend section 587C (supplementary provision for gifts of real property) as follows.

(2)

Omit subsections (2) and (3).

(3)

In subsection (4)—

(a)

for “person” substitute “company”, and

(b)

for “he” substitute “it”.

(4)

In subsection (6)—

(a)

for “person (or each of the persons) who made the disposal to the charity” substitute “following”, and

(b)

at the end insert—

“(a)

in a case to which section 587BA does not apply, the company which made the disposal, and

(b)

in a case to which section 587BA applies, each qualifying company which is an owner.”

(5)

In subsection (8) for the words from “the person” to “of them)” substitute “a person mentioned in subsection (8A)”.

(6)

After that subsection insert—

“(8A)

The persons are—

(a)

in a case to which section 587BA does not apply—

(i)

the company which made the disposal, or

(ii)

a person connected with that company, and

(b)

in a case to which section 587BA applies—

(i)

a person who is an owner, or

(ii)

a person connected with such a person.”

(7)

In subsection (10)—

(a)

omit paragraph (a) and the “and” immediately after it, and

(b)

in paragraph (b) omit “in the case of a company,”.