SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

52

1

Amend section 347A (annual payments: general rule) as follows.

2

For subsection (1) substitute—

1

A payment to which this section applies shall not, for the purposes of corporation tax, form part of the income of—

a

any company to which it is made, or

b

any other company.

3

Omit subsection (2A).

4

In subsection (6) omit “or (2A)”.