Schedule 1: Consequential Amendments Part 1: Income and Corporation Taxes Act 1988 Paragraph 147: section 348 of ICTA
3429.Paragraph 147(3) of this Schedule inserts a new subsection into section 348 of ICTA. It is based on sections 233(1)(c), 249(4)(c), 249(6)(c), 421(1)(c), 547(5)(c) and 699A(6) of ICTA. The new subsection applies for the purposes of section 348 and 349 of ICTA. The new subsection gathers together the provisions which would otherwise be “stranded” in the source legislation about amounts not being brought into charge to tax for the purposes of sections 348 and 349.