Annex 1: Minor Changes in the Law Change 39: Trading income: valuation of stock: sections 164 to 167 and Schedule 1 Professions and corporation tax
The reference to corporation tax in section 101 of ICTA was inserted by ITTOIA. As Change 2 explains, companies do not carry on professions for corporation tax purposes. So section 101 of ICTA is not needed for corporation tax and this Act repeals it. Section 42(7) of TMA sets out the rules for making claims. Schedule 1 to this Act removes the reference to section 101(2) of ICTA in paragraph (a) of that subsection and does not replace it.