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

iii

in sub-paragraph (ii) for “charity's” substitute “charitable company's”.

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”.