Finance Act 1994 (c. 9)

Part IV U.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter II U.K. Interest Rate and Currency Contracts

Modifications etc. (not altering text)

C1 Pt. IV Chapter II (ss. 147-177) restricted (31.7.1998) by 1988 c. 1, Sch. 28AA para. 8(1)(b) (as inserted (31.7.1998) by 1998 c. 36, s. 108, Sch. 16)

C2 Pt. IV Chapter II (ss. 147-177) applied (29.4.1996 with effect as mentioned in s. 105(1) of the applying Act) by 1996 c. 8, s. 105, Sch. 15 para. 25(4) (with savings etc. in Pt. IV Chapter II (ss. 80-105))

C3 Pt. IV Chapter II (ss. 147-177) modified (29.4.1996 with effect as mentioned in s. 105(1) of the modifying Act) by 1996 c. 8, s. 105, Sch. 15 para. 25(2) (with savings etc. in Pt. IV Chapter II (ss. 80-105))

C4 Pt. IV Chapter II (ss. 147-177) excluded (29.4.1996 with effect as mentioned in s. 105(1) of the excluding Act) by 1996 c. 8, s. 101(1) (with savings etc. in Pt. IV Chapter II (ss. 80-105))

Special cases U.K.

164 Released payments. U.K.

(1) Subsections (2) and (3) below apply in any case where—

(a) a qualifying company is subject to a duty to make a qualifying payment, and

(b) at any time in an accounting period of the company, the whole or any part of the payment then outstanding is released by the person to whom the duty is owed.

(2) If, as regards the contract and the period, amounts A and B fall to be determined under section 155(4) above, an amount equal to so much of the payment as—

(a) is released in the period, and

(b) became due and payable in the period or any previous accounting period,

shall be deducted from amount B, or as the case may require, added to amount A.

(3) If, as regards the contract and the period, amounts A and B fall to be determined under section 155(5) above, an amount equal to so much of the payment as—

(a) is released in the period, and

(b) was allocated to the period or any previous accounting period,

shall be deducted from amount B, or as the case may require, added to amount A.