90 Disallowance of relief for interest on tax. [1952 s.495(4); 1960 s.58(4); 1965 Sch.X 1(1), Sch.XV 8; 1966 Sch.VI 8(2).]U.K.
Interest payable under this Part of this Act F1 shall be paid without any deduction of income tax and shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes. F2F3
Textual Amendments
F1 SeeOil Taxation Act 1975 s.1andSch.2 paras.1(1)and15—Oil Taxation Acts—regarding modifications in relation to petroleum revenue tax and supplementary petroleum duty.
F2 See Finance Act 1988 Sch. 5 para. 3(4)—payments on account of tax by underwriters.
F3 See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) Sch. 19A para. 3as substituted by S.I. 1990 No. 2524.
Modifications etc. (not altering text)
C1S. 90 applied (27.7.1993) by 1993 c. 34, s. 173, Sch. 19 Pt. II para.11(5)