Income and Corporation Taxes Act 1988

88 Payments to Export Credit Guarantee Department. U.K.

M1 Any sums paid by [F1 a company] to the Export Credits Guarantee Department under an agreement entered into under arrangements made by the Secretary of State in pursuance of section 11 of the M2 Export Guarantees and Overseas Investment Act 1978, or with a view to entering into such an agreement, shall be included—

(a) in the sums to be deducted in computing for the purposes of Case I or Case II of Schedule D the [F2 profits] of any [F3 trade or profession carried on by that company]; or

[F4 (b) [F5 if that company] is a company with investment business, in the expenses of management that are deductible under section 75 in computing the company’s profits for the purpose of corporation tax;]

whether or not they would fall to be so included apart from this section.

Textual Amendments

F1 Words in s. 88 substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 64(a) (with Sch. 2)

F2 Words in s. 88(a) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1

F3 Words in s. 88(a) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 64(b) (with Sch. 2)

F4 S. 88(b) substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 1(2), Sch. para. 9(2)

F5 Words in s. 88(b) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 64(c) (with Sch. 2)

Marginal Citations

M1 SOURCE-1972 s. 124(1)

M2 1978 c. 18.