Paragraph 583

(1)

Amend section 27 (tax exemption for NDA activities) as follows.

(2)

In subsection (8)—

(a)

in the definition of “trading income”—

(i)

in paragraph (a), after “trade” insert “ carried on wholly or partly in the United Kingdom ”, and

(ii)

in paragraph (b) for “Case I of Schedule D” substitute “ Chapter 2 of Part 3 of the Corporation Tax Act 2009 ”, and

(b)

in the definition of “trading losses”—

(i)

after “trade” insert “ carried on wholly or partly in the United Kingdom ”, and

(ii)

for “Case I of Schedule D” substitute “ Chapter 2 of Part 3 of the Corporation Tax Act 2009 ”.

(3)

In subsection (9)—

(a)

in paragraph (a) for “Chapter 2 of Part 4 of the Finance Act 1996 (c. 8)” substitute “ Part 5 of the Corporation Tax Act 2009 ”, and

(b)

in paragraph (b) for “under Schedule 26 to the Finance Act 2002 (c. 23) (derivative contracts)” substitute “ in accordance with Part 7 of the Corporation Tax Act 2009 (derivative contracts) ”.