§ Amendments made: No. 13, in page 31, line 22, leave out from 'assessment)' to end of line 9 on page 32 and insert—
- '(a) at the beginning there shall be inserted the words "Subject to subsection (1B) below"; and
- (b) the words "and does not exceed £10,000 in any year of assessment" shall be omitted.
(2) After subsection (1A) of that section there shall be inserted the following subsections—
(1B) If at least £1,000 of an individual's income for any year of assessment consists of covenanted payments to charity which, in the hands of the charities receiving them, constitute income for which, by virtue of section 31 of the Finance Act 1986, relief under section 360(1) above is not available, so much of the individual's income as consists of those payments shall not be excluded from the operation of subsection (1) above by virtue of subsection (1A) above.
(1C) If, for any chargeable period of a charity,—
§ No. 14, in page 32, leave out lines 12 to 15.
§ No. 15, in page 32, leave out lines 27 and 28.—[Mr. Ian Stewart.]