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).