155(1)Amend section 704 (the prescribed circumstances) as follows.U.K.
(2)After “The circumstances mentioned in section 703(1) are” insert “ as follows (and in this section references to “the section 703(1) company” are references to the company referred to in that section) ”.
(3)In paragraph A—
(a)for “person in question” substitute “ section 703(1) company ”,
(b)in paragraph (a) for “tax” substitute “ corporation tax ”, and
(c)omit from “, or” at the end of paragraph (da) to the end of paragraph (g).
(4)In paragraph B(1)—
(a)for “person in question” substitute “ section 703(1) company ”, and
(b)for “him”, wherever it occurs, substitute “ it ”.
(5)In paragraph B(2) for “tax advantage” substitute “ corporation tax advantage ”.
(6)In paragraph C(1)—
(a)for “person in question”, in both places where it occurs, substitute “ section 703(1) company ”,
(b)at the end of sub-paragraph (b) add “or section 687 of ITA 2007”, and
(c)for “he” substitute “ it ”.
(7)In paragraph D(1) for “person in question” substitute “ section 703(1) company ”.
(8)In paragraph E—
(a)in sub-paragraph (1) for “person in question” substitute “ section 703(1) company ”,
(b)in sub-paragraph (2)—
(i)for “person” substitute “ company ”,
(ii)for “tax”, in both places where it occurs, substitute “ corporation tax ”, and
(iii)for “the year” substitute “ the accounting period ”, and
(c)in the definition of “non-taxable” in sub-paragraph (3)—
(i)for “person” substitute “ section 703(1) company ”, and
(ii)for “tax” substitute “ corporation tax ”.