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Income and Corporation Taxes Act 1988
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Changes over time for: Section 368
Version Superseded: 06/04/2007
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Income and Corporation Taxes Act 1988, Section 368 is up to date with all changes known to be in force on or before 02 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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368 Exclusion of double relief etc.U.K.
M1(1)Interest in respect of which relief is given under section 353 shall not be allowable as a deduction [F1for any purpose of the Income Tax Acts except so far as it is so allowable in accordance with subsection (1B) of that section.]
(2)Relief shall not be given under section 353 against income chargeable to corporation tax, and shall not be given against any other income of a company, except where both of the following conditions are satisfied, that is to say—
(a)that the company is not resident in the United Kingdom; and
(b)that the interest cannot be taken into account in computing corporation tax chargeable on the company.
(3)Where interest on any debt or liability is taken into account in the computation of [F2profits] or losses [F3of any trade, profession or vocation, or of any UK property business or overseas property business,] no relief shall be given under section 353—
(a)in respect of the payment of that interest; or
(b)in respect of interest on the same debt or liability which is paid in any year of assessment for which that computation is relevant.
(4)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)For the purposes of [F5subsection (3)] above, all interest capable of being taken into account in such a computation as is mentioned in [F6that subsection] which is payable by any person on money advanced to him on current account, whether advanced on one or more accounts or by the same or separate banks or other persons, shall be treated as interest payable on the same debt.
[F7(6)Any reference in subsection (3) above to an amount taken into account is a reference to an amount taken into account in an assessment which has been finally determined.]
Textual Amendments
F1Words in s. 368(1) substituted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 9
F2Words in s. 368(3)(4)(a) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a), Sch. 7 para. 1
F3Words in s. 368(3) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 154(2) (with Sch. 2)
F4S. 368(4) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 154(3), Sch. 3 (with Sch. 2)
F5Words in s. 368(5) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 154(4)(a) (with Sch. 2)
F6Words in s. 368(5) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 154(4)(b) (with Sch. 2)
F7S. 368(6) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 154(5) (with Sch. 2)
Marginal Citations
M1Source-1972 Sch.10 1-6
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