Schedule 1: Minor and consequential amendments Part 1: Income and Corporation Taxes Act 1988.The charge to corporation tax Sections 76ZA to 76ZO of ICTA
3420.A number of rules about calculating profits apply:
	in calculating the profits of a trade (or property business);
	to the calculation of expenses of management for the purpose of section 75 of ICTA; and
	to the calculation of expenses of insurance companies under section 76 of ICTA.
3421.This Act rewrites the first set of rules in Part 3 or, in some cases, in Part 20.
3422.This Act rewrites the second set of rules in Part 16 or, in some cases, in Part 20.
3423.This Act does not rewrite section 76 of ICTA. Instead, it inserts sections 76ZA to 76ZO into ICTA, to provide a version of the rules adapted to insurance companies to which section 76 of ICTA applies. The new sections follow the corresponding rules in this Act. So the new sections repeat the changes to the law made by this Act. See (in the order in which they appear in this Schedule) Changes 14, 16, 82, 12, 17, 82, 15, 18, 68, 10 and 83 in Annex 1.
3424.In section 76ZN of ICTA subsection (3)(a)(ii) caters for the possibility that the release of a debt for car hire may be a “reversal” within section 76(7) of ICTA. In that case, this rule ensures that the reversal is restricted by the appropriate fraction.