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Finance Act 2024

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Removal of interest payments restriction

7In Part 2 of ITTOIA 2005—

(a)in Chapter 4 (trade profits: rules restricting deductions) omit section 51A (cash basis: interest payments on loans), and

(b)in Chapter 5 (trade profits: rules allowing deductions) omit section 57B (cash basis: interest payments on loans) and the italic heading before it.

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