Part 1 Income and Corporation Taxes Act 1988
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

SCHEDULE 1 Consequential Amendments

Section 882

Part 1 Income and Corporation Taxes Act 1988

1

The Income and Corporation Taxes Act 1988 (c 1) is amended as follows.

2

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3

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4

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5

In section 4 (construction of references in Income Tax Acts to deduction of tax), omit subsection (1B).

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7

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8

(1)     Amend section 15 (Schedule A) as follows.

(2)     In subsection (1A)—

(a)     in paragraph (b) for “within the charge to income tax under Schedule A†substitute “the profits of a UK property business within the charge to income tax under Chapter 3 of Part 3 of ITTOIA 2005â€, and

(b)     for “as separate Schedule A businesses†substitute “for the purposes of those charges as separate businessesâ€.

(3)     Before subsection (4) insert—

“(3A)     Subsection (1) applies for corporation tax purposes (and does not apply for income tax purposes except so far as necessary to ensure its application for corporation tax purposes by virtue of section 9).â€

(4)     In subsection (4) at the end insert “and under Chapter 3 of Part 3 of ITTOIA 2005 (profits of a property business)â€.

9

(1)

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