Schedules

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Income Tax (Trading and Other Income) Act 2005

466

1

Amend section 456 (securities issued to connected persons etc at excessive price) as follows.

2

For subsection (7) substitute—

7

Chapter 2 of Part 10 of CTA 2010 (meaning of “close company”) applies for the purposes of this section but with the omission of section 442(a) (exclusion of non-UK resident companies).

3

In subsection (8) for “section 416 of ICTA” substitute “ sections 450 and 451 of CTA 2010 ”.