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Finance Act 1968
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2(1)In the case of any company—U.K.
(a)the provisos to section 258(3) of the M1Income Tax Act 1952 (beneficial interests in loans),
(b)section 259(1) of that Act (interests which would arise in a winding up), and
(c)section 260 of that Act, without subsection (5) (further provision as to underlying interests),
shall apply as they applied, in the case of an investment company, to apportionments for surtax under Chapter 111 of Part IX of that Act (a reference to a participator being substituted for any reference to a member or loan creditor).
(2)For the purposes of sub-paragraph (1) above, a loan creditor shall be deemed to have an interest in any company which is an investment company to the extent that the income to be apportioned or assets representing it is or have been expended or applied, or is or are available to be expended or applied. in redemption or repayment or discharge of the loan capital or debt (including any premium thereon) in respect of which he is a loan creditor.
In this sub-paragraph “investment company” means a company whose income consists wholly or mainly of investment income, construing “investment income” in accordance with paragraph 8(1) of Schedule 18 to the M2Finance Act 1965.
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