SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

94

(1)

Amend section 505 (charities: general) as follows.

(2)

In subsection (1)—

(a)

in paragraph (a) omit “, or under Parts 2 and 3 of ITTOIA 2005,”,

(b)

in paragraph (c)—

(i)

in sub-paragraph (ii) omit the words from “or under Chapter 2, 7, 8 or 10” to the end of the sub-paragraph,

(ii)

omit sub-paragraphs (iiaa) and (iii), and

(iii)

for “charity” substitute “ charitable company ”,

(c)

in paragraph (d) omit “or Chapter 2 of Part 4 of ITTOIA 2005 (interest)”,

(d)

in paragraph (e)—

(i)

omit “or Part 2 of ITTOIA 2005 (trading income)”, and

(ii)

for “charity”, in each place where it occurs, substitute “ charitable company ”, and

(e)

in paragraph (f)—

(i)

omit “or Part 2 or 5 of ITTOIA 2005 (trading and miscellaneous income)”,

(ii)

for “charity” substitute “ charitable company ”, and

F1(iii)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

In subsection (1AA) for “(1)(c)(iiaa) and (iib)” substitute “ (1)(c)(iib) ”.

(4)

In subsection (1B) for “charity” substitute “ charitable company ”.

(5)

In subsection (2)—

(a)

in paragraph (a), for “a charity” substitute “ a charitable company ”,

(b)

in paragraph (c) for “tax” substitute “ corporation tax ”, and

(c)

omit the words from “chargeable to income tax” to “and shall be”.

(6)

In subsection (4)—

(a)

for “charity” substitute “ charitable company ”, and

(b)

for “a chargeable” substitute “ an accounting ”.

(7)

In subsection (5)—

(a)

for “a chargeable” substitute “ an accounting ”, and

(b)

for “charity's” substitute “ charitable company's ”.

(8)

In subsection (6) for “a chargeable” in both places where it occurs substitute “ an accounting ”.

(9)

In subsection (7)—

(a)

for “charity's” substitute “ charitable company's ”, and

(b)

for “charity” in each place where it occurs substitute “ charitable company ”.

(10)

In the sidenote for “Charities” substitute “ Charitable companies ”.