SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

16

(1)

Amend section 118ZC (member’s contribution to trade) as follows.

(2)

In subsection (1) for “section 117” substitute “section 118”.

(3)

In subsection (2)—

(a)

omit “that section and”,

(b)

for “him” substitute “it”, and

(c)

for “his” substitute “its”.

(4)

In subsection (3)—

(a)

for “he”, in each place where it occurs, substitute “it”, and

(b)

for “him” substitute “it”.

(5)

In subsection (4)—

(a)

for “he”, in both places where it occurs, substitute “it”,

(b)

for “its” substitute “the partnership's”, and

(c)

for “it” substitute “the partnership”.

(6)

Omit subsection (5).