F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)That Act shall be further amended as follows—
(a)in section 353(1B), in the words after paragraph (b), for “sections 237(5)(b) and 355(4)” there shall be substituted “ section 237(5)(b) ”;
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)Subject to subsections (4) to (6) below, this section shall have effect in relation to any payment of interest made on or after 6th April 1995.
(4)Where—
(a)the profits or gains of any source of income that ceases in the course of the year 1995-96 are taxed, by virtue of section 39(5) or 41(9) above, without reference to the Schedule A that has effect by virtue of section 39(1) above, and
(b)that source of income includes any land, caravan or house-boat with respect to which the condition specified in section 355(1)(b) of the Taxes Act 1988 would be satisfied in the case of any loan,
this section shall not apply to any payment of interest on that loan which is made before the time in the year 1995-96 when that source of income ceases.
(5)Subject to paragraph 19(3) of Schedule 6 to this Act, no relief in respect of any payment of interest before 6th April 1995 shall be given under section 355(4) of the Taxes Act 1988 (income against which relief available) against any income for the year 1995-96 or any subsequent year of assessment except in a case where the income falls within subsection (4)(a) above.
[F2(6)Schedule 7 to this Act (which makes amendments in relation to corporation tax which are consequential on this section) shall have effect in relation to accounting periods ending after 31st March 1995.]
Textual Amendments
F1S. 42(1)(2)(b)-(e) repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. III(7) Note 4 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. III(7) Note 4
F2S. 42(6) repealed (29.4.1996 with effect as mentioned in ss. 80-105 of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3)