The table below summarises changes to current provisions that would occur under the proposed new provisions in the Income Tax Act 2007.
|Section CC 1||This section would be replaced by a more comprehensive new section CC 1, as explained in chapter 4.|
|Sections CC 2, DB 21, EI 5, EI 6, EI 7, EJ 11 and clause 5 “the right to use land” in schedule 14||These sections would be replaced with the new income, deduction and timing provisions.|
|Section DB 22||This section relates to a restoration cost relief to landlords who change use of the land. This section would be retained as it is considered still relevant. Reference to sections CC 2, EI 5 and EI 6 in that section would be changed to new section CC 1.|
|Proposed sections CC 1B, CC 1C, DB 20B, DB 20C and EI 4B contained in Supplementary Order Paper No. 167 to the Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Bill||
If implemented, these sections would be replaced with the new income, deduction and timing provisions.
Proposed sections EA(2)(db) and paragraph (bb) of “land provision” in section YA 1 would also be amended accordingly.
|“Capital contribution” in section YA 1||The existing capital contribution rules would be overridden by the new income provisions.|