Valid from 03/05/1994
140 Restriction on deduction from income.U.K.
(1)Section 808 of the Taxes Act 1988 (restriction on deduction of interest or dividends from trading income) shall be amended as follows—
(a)for “a banking business, an insurance business or a business consisting wholly or partly in dealing in securities” there shall be substituted “ a business ”;
(b)for “or dividend” there shall be substituted “ , dividend or royalties ”;
(c)the words “In this section “securities” includes stocks and shares” shall be omitted.
(2)This section shall apply where it is sought to exclude receipts from income or profits of an accounting period beginning on or after 30th November 1993.