SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

150

(1)

Amend section 444AECC (parts of transfer scheme arrangements: Case I advantage transferee) as follows.

(2)

In subsection (1)—

(a)

for “Case I advantage” substitute “ life assurance trade profits advantage ”, and

(b)

in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

(3)

In subsection (2)—

(a)

for “Case I profits” substitute “ section 35 profits ”,

(b)

for “Case I losses” substitute “ section 35 losses ”, and

(c)

for “Case I advantage” substitute “ life assurance trade profits advantage ”.

(4)

In subsection (3)—

(a)

for “a Case I advantage” substitute “ a life assurance trade profits advantage ”,

(b)

for “the Case I advantage” substitute “ the advantage ”, and

(c)

in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

(5)

In subsection (5) for “Case I”, in both places where it occurs, substitute “ section 35 ”.

(6)

In the title for “Case I” substitute “ life assurance trade profits ”.