SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Income Tax (Trading and Other Income) Act 2005 (c. 5)

641

1

Amend section 860 (adjustment income) as follows.

2

After subsection (1) insert—

1A

A change in the persons carrying on a property business from one period of account to the next does not prevent Chapter 7 of Part 3 (adjustment income) applying in relation to the property business so long as a person carrying on the property business immediately before the change continues to carry on the property business immediately after the change.

3

In subsection (3)—

a

after “trade” insert “ or property business ”, and

b

after “Chapter 17 of Part 2” insert “ , or Chapter 7 of Part 3, ”.

4

In subsection (6)—

a

in paragraph (a), at the end insert “ or Chapter 7 of Part 3 (as the case requires) ”, and

b

in paragraph (b) after “trade” insert “ or property business (as the case requires) ”.