Modifications etc. (not altering text)
C1Pt. IX (ss. 86-92) applied (27.7.1993 with effect in relation to the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 122(2)(3)
C2Pt. 9 applied by Taxation of Chargeable Gains Act 1992 (c. 12), s. 281(5)(a) (as substituted (with effect in accordance with Sch. 18 para. 17 of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 paras. 15(2), 17)
C3Pt. 9 modified (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 18 para. 39(2)(a) (with Sch. 18 para. 59(2)); S.I. 1998/3173, art. 2
C4 See—Finance Act 1984 (c. 43), Sch.14 para.6(4)—notwithstanding anything in Part IX payments of capital gains tax postponed under Finance Act 1984 Sch.14 not to carry interest for any period before tax becomes payable under Finance Act 1984 Sch.14 para.11; Finance Act 1989 (c. 26), s. 124, Sch. 14 para. 5—payment by installments of capital gains tax on gifts; The Income Tax (Entertainers and Sportsmen) Regulations 1987 (S.I. 1987/530), reg. 11(3)—tax under assessments in relation to non-resident entertainers and sportsmen to be treated for the purposes of Part IX as income tax under Sch. D.
[F1(1)]Interest payable under this Part of this Act
[F1(a)]shall be paid without any deduction of income tax and
[F1(b)][F2subject to subsection (2) below,] shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes.
[F3(2)Paragraph (b) of subsection (1) above does not apply in relation to interest under section 87 or 87A of this Act payable by a company within the charge to corporation tax.]
Textual Amendments
F1S. 90(1)(a)(b) renumbered (31.7.1998) by Finance Act 1998 (c. 36), s. 33(2)
F2Words in s. 90(1)(b) inserted (with effect in accordance with s. 33(5) of the amending Act) by Finance Act 1998 (c. 36), s. 33(3)
F3S. 90(2) added (with effect in accordance with s. 33(5) of the amending Act) by Finance Act 1998 (c. 36), s. 33(4)
Modifications etc. (not altering text)
C5S. 90 applied (27.7.1993) by 1993 c. 34, s. 173, Sch. 19 Pt. II para.11(5)
C6 See Oil Taxation Act 1975 (c. 22), s. 1, Sch. 2 paras. 1(1), 15 (Oil Taxation Acts) regarding modification in relation to petroleum revenue tax and supplementary petroleum duty
C7 See Finance Act 1988 (c. 39), Sch. 5 para. 3(4)—payments on account of tax by underwriters (repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1)
C8 See Income and Corporation Taxes Act 1988 (c. 1) Sch. 19A para. 3as substituted by S.I. 1990 No. 2524.