Income Tax (Trading and Other Income) Act 2005 Schedule 1 Part 2

Other enactments (paragraphs 353–659)

Schedule 1 Part 2 makes consequential amendments to a wide range of other enactments, updating cross-references and terminology to reflect the introduction of ITTOIA 2005 and the rewriting of income tax rules previously found in the Income and Corporation Taxes Act 1988 and other legislation.

• References throughout many Acts are updated from old Schedule D Cases, Schedule A, and Schedule F terminology to the equivalent Parts and Chapters of ITTOIA 2005
• Provisions that applied to both income tax and corporation tax are split so that ITTOIA 2005 governs the income tax rules while the older legislation is retained for corporation tax only
• New sections are inserted into ITEPA 2003 and TCGA 1992 to deal with matters such as health and employment insurance exemptions, consular employee exemptions, social security contribution deductions, futures and options involving guaranteed returns, and deeply discounted securities
• Redundant provisions are repealed, including the Crown Option (which allowed HMRC to choose the Schedule D Case), obsolete transitional rules, and sections now rewritten in ITTOIA 2005

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