Finance Act 1998

Relief for interest and losses etc. U.K.

79 Relief for loan to acquire interest in a close company. U.K.

F1 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) This section has effect in relation to shares acquired on or after 6th April 1998.

Textual Amendments

F1 S. 79(1) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

80 Relief for losses on unlisted shares in trading companies. U.K.

(1) At the beginning of subsection (1) of section 576 of the Taxes Act 1988 (provisions supplementary to sections 573 to 575) there shall be inserted the words “ Subject to subsections (1A) and (1B) below, ”.

F2 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) In this section—

(a) subsections (1) and (2) have effect in relation to disposals made on or after 6th April 1998; and

F3 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 S. 80(2)-(4) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

F3 S. 80(5)(b) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

F4 81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F4 S. 81 repealed (retrospectively) by 2000 c. 17, ss. 100(5), 156, Sch. 40 Pt. II(11)

82 Carry forward of non-trading deficit on loan relationships. U.K.

F5 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) Section 797 (limits on credit: corporation tax) and section 797A (foreign tax on interest brought into account as a non-trading credit) of the Taxes Act 1988 are amended as follows—

(a) in section 797(3B)(b), omit “or in accordance with subsection (3) of that section";

(b) in section 797A(5), at the end of paragraph (a) insert the word “ and ” and omit paragraph (c) and the word “and" preceding it;

F6 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d) in section 797A(6), for “specified in subsection (5)(c) above" substitute “ carried forward to the applicable accounting period in pursuance of a claim under section 83(2)(d) of that Act ”;

F6 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) The following amendments of Schedule 28A to the Taxes Act 1988 (change in ownership of investment company: deductions) are consequential on the amendment in subsection (1) above—

(a) in paragraph 6(da), after “period" insert “ (other than one within sub-paragraph (dc) below) ”;

(b) in paragraph 6(db), omit “(dc) or";

(c) in paragraph 6(dc), for “debit given for that accounting period by" substitute “ deficit carried forward to that accounting period under ”;

(d) in paragraph 7(1)(b), for “debit" substitute “ deficit ”;

(e) in paragraph 11(2), omit paragraph (a);

(f) in paragraph 13(1)(ea), after “period" insert “ (other than one within paragraph (ec) below) ”;

(g) in paragraph 13(1)(eb), omit “(ec) or";

(h) in paragraph 13(1)(ec), for “debit given for that accounting period by" substitute “ deficit carried forward to that accounting period under ”;

(i) in paragraph 16(1)(b), for “debit" substitute “ deficit ”.

(4) The amendments made by this section shall be deemed always to have had effect.

Textual Amendments

F5 S. 82(1) repealed (24.7.2002 with effect as mentioned in Sch. 40 Pt. 3(12) Note of the amending Act) by 2002 c. 23, s. 141, Sch. 40 Pt. 3(12) Note

F6 S. 82(2)(c)(e) repealed (24.7.2002 with effect as mentioned in Sch. 40 Pt. 3(12) Note of the amending Act) by 2002 c. 23, s. 141, Sch. 40 Pt. 3(12) Note