SCHEDULES

SCHEDULE 1 U.K.Minor and consequential amendments

Part 1 U.K.Income and Corporation Taxes Act 1988

52 (1) Amend section 347A (annual payments: general rule) as follows. U.K.

(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)”.