SCHEDULE 1Minor and consequential amendments
Part 1Income and Corporation Taxes Act 1988
75
(1)
Amend section 398 (transactions in deposits with and without certificates or in debts) as follows.
(2)
For “a person” substitute “
a company
”
.
(3)
Omit “above or Chapter 11 of Part 4 of ITTOIA 2005 (transactions in deposits)”.
(4)
In paragraph (a)—
(a)
after “chargeable to” insert “
corporation
”
, and
(b)
omit “above or that Chapter”.
(5)
In paragraph (b) for the words from “he is chargeable” to “that Act” substitute “
the company is chargeable to corporation tax under Schedule D
”
.
(6)
For the words from “the amount of his loss may be set off in pursuance” to the end substitute “
the amount of its loss may be set off under section 396.
”