155(1)Amend section 704 (the prescribed circumstances) as follows.
(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”.
