16(1)Section 338 of that Act (charges on income) shall be amended as follows.U.K.
(2)In subsection (3)—
(a)in paragraph (a), for the words from “any yearly interest” to “annual payment” there shall be substituted “ any annuity or annual payment payable otherwise than in respect of any of the company’s loan relationships ”; and
(b)the words from “and” at the end of paragraph (a) to the end of the subsection shall be omitted.
(3)In subsection (4), paragraphs (b) and (c) shall be omitted.
(4)In subsection (5)(a), the words “, not being interest,” shall be omitted.
(5)Subsection (6) shall cease to have effect.