SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

234

(1)

Amend section 781 (assets leased to traders and others) as follows.

(2)

In subsection (1) omit the words from “(in” to “Schedule D)”.

(3)

After subsection (1A) insert—

“(1B)

So far as relating to corporation tax, the charge to tax under subsection (1) has effect as an application of the charge to corporation tax on income.”

(4)

In subsection (4)—

(a)

in paragraph (b) for “profits or gains chargeable under Case VI of Schedule D” substitute “ profits or gains chargeable to corporation tax under or by virtue of any provision to which section 834A (miscellaneous charges) applies ”,

(b)

in paragraph (c) leave out “75 or”, and

(c)

after paragraph (c) insert—

“(ca)

a deduction under section 1219 of CTA 2009 (expenses of management of a company's investment business);”.