Modifications etc. (not altering text)
C1 See—1979(C) s.122—election to take capital gain or loss into account when asset appropriated to stock in trade.1989 ss.67-74—employee share ownership trusts.Banking Act 1987 (c.22) s.66—contributions to the Deposit Protection Fund.
M1Any sums paid by [F1a 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 M2Export 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 [F2profits] of any [F3trade or profession carried on by that company]; or
[F4(b)[F5if 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
F1Words 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)
F2Words in s. 88(a) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1
F3Words 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)
F4S. 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)
F5Words 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
M1SOURCE-1972 s. 124(1)