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)
”
.