This section has no associated Explanatory Notes
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. ”