Income Tax Act 2007

154 (1) Amend section 703 (cancellation of tax advantage) as follows.

(2) In subsection (1)—

(a) for “person” substitute “company”,

(b) for “tax”, in both places where it occurs, substitute “corporation tax”,

(c) for “he” substitute “it”, and

(d) for “him” substitute “it”.

(3) In subsection (2)—

(a) for “tax” substitute “corporation tax”,

(b) for “person” substitute “company”, and

(c) for “him” substitute “it”.

(4) In subsection (3)—

(a) for “tax advantage”, in both places where it occurs, substitute “corporation tax advantage”,

(b) for “person” substitute “company”,

(c) for “him”, in both places where it occurs, substitute “it”,

(d) omit “in the case of corporation tax”, and

(e) for “liability to tax” substitute “liability to corporation tax”.

(5) Omit subsection (3A).

(6) In subsection (9)—

(a) for “person”, in both places where it occurs, substitute “company”,

(b) for “him”, wherever it occurs, substitute “it”, and

(c) for “his” substitute “its”.

(7) In subsection (10) for “person” substitute “company”.

(8) Omit subsection (11).

(9) In subsection (12)—

(a) for “tax advantage”, in both places where it occurs, substitute “corporation tax advantage”,

(b) for “chargeable period”, in the second place where it occurs, substitute “accounting period”, and

(c) for “Tax Acts” substitute “Corporation Tax Acts”.

(10) In the sidenote for “tax” substitute “corporation tax”.