SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 1Income and Corporation Taxes Act 1988
198
1
Amend section 807 (sale of securities with or without accrued interest) as follows.
2
In subsection (1)(a) for “section 714(2) as receiving annual profits or gains on the day an interest period ends” substitute “
section 628(5) of ITA 2007 as making accrued income profits in an interest period
”
.
3
In subsection (1)(b) for “chargeable period in which the day falls” substitute “
tax year in which the accrued income profits are treated as made by virtue of section 617(2) of that Act
”
.
4
In the full-out words of subsection (1)—
a
for “profits or gains”, in each place where it occurs, substitute “
accrued income profits
”
, and
b
omit “or corporation tax”.
5
In subsection (2)(b) for “which is treated as reduced by virtue of section 714(5)” substitute “
as respects which the person is entitled to an exemption from liability to income tax under section 679 of ITA 2007
”
.
6
In subsection (2) for “R is the amount by which it is treated as reduced” substitute “
R is the amount of the exemption
”
.
7
For subsection (5) substitute—
5
Expressions used in this section and in Chapter 2 of Part 12 of ITA 2007 (accrued income profits) have the same meaning as in that Chapter.
8
Omit subsection (6).