Clause 19

in subsection (1)(a), delete “or” at the end;

in subsection (1)(b), delete the full‑stop at the end and substitute a semi‑colon;

in subsection (1), after paragraph (b), insert —“(c)a body of persons has income subject to tax at different rates of tax for the year of assessment concerned (being the year of assessment 2023 or a subsequent year of assessment), and there are UALD in respect of income that is subject to tax at one of those rates of tax; or

a body of persons has income subject to tax at one rate of tax for the year of assessment concerned (being the year of assessment 2023 or a subsequent year of assessment) and income subject to tax at a different rate of tax for an earlier year of assessment, and there are UALD in respect of the second‑mentioned income.”;

in subsection (3), after “Subsection (1)(b)”, insert “and (d)”;

in subsection (5), after “income of the company” (wherever it appears), insert “or body of persons”;

in subsection (8), after “the company” (wherever it appears), insert “or body of persons”;

in subsection (11), in the definition of “rate of tax”, in paragraph (a), delete “or” at the end;

in subsection (11), in the definition of “rate of tax”, in paragraph (b), before “the concessionary rate of tax”, insert “in the case of a company,”;

in subsection (11), in the definition of “rate of tax”, in paragraph (b)(ii), insert “or” at the end;

in subsection (11), in the definition of “rate of tax”, after paragraph (b), insert —“(c)in the case of a body of persons, the concessionary rate of tax in accordance with regulations made under section 43H;”; and

in subsection (11), in the definition of “UALD” or “unabsorbed allowances, losses or donations”, after “income of a company”, insert “or body of persons”.