SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 1Income and Corporation Taxes Act 1988
146
1
Amend section 687A (discretionary payments made by trustees to companies) as follows.
2
In subsection (1) for paragraph (b) substitute—
b
sections 494 and 495 of ITA 2007 apply in relation to the payment;
3
In subsection (2)(a) for “charity” substitute “charitable company”.
4
In subsection (3)—
a
in paragraph (a)(iii) for “paragraph 5(1) of Schedule 16” substitute “section 952 of ITA 2007 (set off of income tax suffered against income tax payable)”, and
b
in paragraph (c) for “section 687(2)” substitute “section 494 of ITA 2007”.
5
In the sidenote for “Payments to companies under section 687” substitute “Discretionary payments by trustees to companies”.