38 Interest charged to capital.U.K.
(1)(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
(3)In section 269 of the Taxes Act (interest charged to capital), paragraph (c) together with the word “and” immediately preceding it shall be omitted and for the words following that paragraph there shall be substituted the words “the sums so allowable under the said section 32 shall, subject to subsection (1A) below, include the amount of any interest on that borrowed money which is referable to a period or part of a period ending on or before the disposal.
(1A)Subsection (1) above has effect subject to section 33 of the said Act of 1979 and does not apply to interest which is a charge on income.”.
(4)This section has effect in relation to interest paid in any accounting period ending on or after 1st April 1981.
Textual Amendments
Modifications etc. (not altering text)
C1The text from “the sums” to the end of s. 38(3) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2. 1991.