392(1)Amend section 46 (exemption for small trades etc) as follows.
(2)In subsection (1)—
(a)omit paragraph (a) and the “or” at the end of that paragraph, and
(b)for “charity” substitute “charitable company”.
(3)In subsection (2) omit paragraph (a) and the “or” at the end of that paragraph.
(4)In subsection (2A)—
(a)in paragraph (a) for “, 790 or 804” substitute “or 790”,
(b)at the end of paragraph (b) insert “and”, and
(c)omit paragraph (c) and the “and” at the end of that paragraph.
(5)In subsection (3)—
(a)for “a chargeable” substitute “an accounting”,
(b)for “charity”, in both places where it occurs, substitute “charitable company”,
(c)in paragraph (a) for “charity's” substitute “charitable company's”, and
(d)in that paragraph for “chargeable” substitute “accounting”.
(6)In subsection (4)(b)—
(a)for “charity's” substitute “charitable company's”, and
(b)for “chargeable” substitute “accounting”.
(7)In subsection (5) for “a chargeable” substitute “an accounting”.
(8)In subsection (6)—
(a)in the appropriate place insert—
““charitable company” means any body of persons established for charitable purposes only;”,
(b)omit the definition of “charity”,
(c)in the definition of “gross income”, for “charity” substitute “charitable company”, and
(d)in the definition of “income”—
(i)for “charity” substitute “charitable company”, and
(ii)omit paragraph (a) and the “or” at the end of that paragraph.
(9)In subsection (7) omit the words from “for the year” to “companies,”.