Income and Corporation Taxes Act 1988 (c. 1)

SCHEDULES

Valid from 28/07/2000

SCHEDULE 7A U.K. Beneficial loans: loans on ordinary commercial terms

Disregard of certain penalties, fees, etc. U.K.

5 Amounts incurred by the person to whom a loan is made—

(a) on penalties or interest or similar amounts incurred as a result of varying the loan, and

(b) on fees, commission or other incidental expenses, incurred for the purpose of obtaining the loan,

shall be left out of account in determining for the purposes of paragraph 3 or 4 whether rights to vary loans are exercisable on the same terms and conditions or loans are held on the same terms.