# Income Tax Act 2007, Paragraph 75


(1) Amend section 398 (transactions in deposits with and without certificates or in debts) as follows.
(2) For “a person” substitute “ a company ”.
(3) Omit “above or Chapter 11 of Part 4 of ITTOIA 2005 (transactions in deposits)”.
(4) In paragraph (a)—
(a) after “chargeable to” insert “ corporation ”, and
(b) omit “above or that Chapter”.
(5) In paragraph (b) for the words from “he is chargeable” to “that Act” substitute “ the company is chargeable to corporation tax under Schedule D ”.
(6) For the words from “the amount of his loss may be set off in pursuance” to the end substitute “ the amount of its loss may be set off under section 396. ”

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Source: https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/75 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/schedule-1/paragraph-75
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.