SCHEDULES

SCHEDULE 40Penalties: amendments of Schedule 24 to FA 2007

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1

Paragraph 28 (interpretation) is amended as follows.

2

In paragraph (c) (meaning of “direct tax”), omit “and” after paragraph (ii) and after paragraph (iii) insert

and

iv

petroleum revenue tax,

F13

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

4

In paragraph (f), insert at the end “ against tax or to a payment of a corporation tax credit ”.

5

After that paragraph insert—

fa

“corporation tax credit” means—

i

an R&D tax credit under Schedule 20 to FA 2000,

ii

a land remediation tax credit or life assurance company tax credit under Schedule 22 to FA 2001,

iii

a tax credit under Schedule 13 to FA 2002 (vaccine research etc),

iv

a film tax credit under Schedule 5 to FA 2006, or

v

a first-year tax credit under Schedule A1 to CAA 2001,