1U.K.For paragraph (o) of section 74 of the Taxes Act 1988 (deduction of relevant loan interest in computing profits and gains) there shall be substituted the following paragraph—
“(o)any interest in so far as the payment of that interest is or would be, otherwise than by virtue of section 375(2), either—
(i)a payment of interest to which section 369 applies, or
(ii)a payment of interest to which that section would apply but for section 373(5);”.