Schedules

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Income Tax Act 2007

561

(1)

Amend section 974 (regulations under section 973) as follows.

(2)

In subsection (1)(j)(ii) for “tax-exempt business” substitute “ property rental business ”.

(3)

In subsection (2)—

(a)

for “tax-exempt business” substitute “ property rental business ”, and

(b)

for “Part 4 of FA 2006 has ceased to apply to a company” substitute “ the company or group (as the case may be) has ceased to be a UK REIT ”.

(4)

In subsection (3) for “section 107(9)(b) of FA 2006” substitute “ section 530(6) of CTA 2010 ”.

(5)

For subsection (6) substitute—

“(6)

In this section—

  • property rental business” has the same meaning as in Part 12 of CTA 2010 (see section 519 of that Act), and

  • “UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 518(4) of that Act).”