SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Income Tax (Trading and Other Income) Act 2005 (c. 5)
589
1
Amend section 48 (car or motor cycle hire) as follows.
2
In subsection (3) for “the deduction is reduced as a result of subsection (2)” substitute “
a deduction is reduced as a result of subsection (2), or a corresponding provision,
”
.
3
In subsection (4)(a) omit “under section 97 (debts incurred and later released)”.
4
After subsection (4) insert—
4A
In this section “corresponding provision” means—
a
section 56(2) of CTA 2009 (car or motor cycle hire: trade profits and property income),
b
section 1251(2) of CTA 2009 (car or motor cycle hire: expenses of management), or
c
section 76ZN(2) of ICTA (car or motor cycle hire: expenses of insurance companies).