Taxes Management Act 1970

90 Disallowance of relief for interest on tax. U.K.

[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)

C1S. 90 applied (27.7.1993) by 1993 c. 34, s. 173, Sch. 19 Pt. II para.11(5)

C2 S. 90 applied (with modifications) by the Oil Taxation Act 1975 (c. 22), s. 1, Sch. 2 para. 1(1)

C3 S. 90 applied by Finance Act 1988 (c. 39), Sch. 5 para. 3(4) (repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1)