Income Tax (Trading and Other Income) Act 2005 Schedule 1

Part 1: Amendments to the Income and Corporation Taxes Act 1988 (paragraphs 1–352)

Schedule 1, Part 1 sets out the consequential amendments needed to the Income and Corporation Taxes Act 1988 (ICTA) as a result of the rewriting of income tax rules in ITTOIA 2005, separating the income tax and corporation tax codes and removing the old Schedular system for income tax purposes.

• The old Schedular charging framework (Schedules A, D and F) is dismantled for income tax purposes, with income tax charges rewritten in ITTOIA 2005 while the Schedular structure is preserved for corporation tax
• Numerous ICTA provisions are either repealed outright (where rewritten in ITTOIA 2005 or rendered obsolete) or amended so that they apply only for corporation tax purposes, with references to "person" changed to "company" and "tax" to "corporation tax"
• Cross-references throughout ICTA are updated to point to the equivalent ITTOIA 2005 provisions, and new definitions (such as "ITTOIA 2005") are inserted into the interpretation sections
• Redundant or spent provisions — including rules dating from the preceding-year basis of assessment, wartime legislation, stock relief transitional rules, and MIRAS-related restrictions — are removed as no longer serving any practical purpose

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