Income Tax Act 2007 (c. 3)

SCHEDULES

SCHEDULE 1 U.K. Minor and consequential amendments

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

75 (1) Amend section 398 (transactions in deposits with and without certificates or in debts) as follows. U.K.

(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. ”