Corporation Tax Act 2009 Schedule 1 Part 2

Consequential amendments to other enactments

Schedule 1 Part 2 (paragraphs 293–739) makes the minor and consequential amendments needed to update references in other tax and non-tax legislation so that they point to the new provisions of the Corporation Tax Act 2009 rather than to the older enactments that CTA 2009 replaces.

• Cross-references in dozens of existing Acts — from the Taxes Management Act 1970 through to the Crossrail Act 2008 — are updated to point to the corresponding new CTA 2009 provisions instead of the repealed ICTA 1988, Finance Act 1996 and Finance Act 2002 provisions
• Obsolete provisions are repealed outright, including the entire loan relationships Chapter (sections 80–103 of FA 1996), the derivative contracts Schedule (Schedule 26 to FA 2002), the intangible fixed assets Schedule (Schedule 29 to FA 2002), and film tax relief provisions in FA 2006 that are re-enacted in CTA 2009
• New sections are inserted into other Acts where CTA 2009 concepts need to be applied outside the Corporation Tax Acts — for example, company residence rules are applied to TMA 1970, TCGA 1992, and ITA 2007 through new bridging sections, and new TCGA provisions deal with holdings falling in or out of the loan relationships and intangible fixed assets regimes
• The Schedule also gives effect to several minor policy changes ("Changes") documented in Annex 1, including legislating the Crown Option (so HMRC no longer choose which Schedule D Case applies), clarifying partnership change rules in capital allowances and ITTOIA, and correcting small errors in earlier rewrite Acts