SCHEDULES

SCHEDULE 20 Self-assessment: discretions exercisable by the Board etc.

The Finance Act 1994

71

(1)

Section 163 of the M1Finance Act 1994 (interest rate and currency contracts: irrecoverable payments) shall be amended in accordance with the following provisions of this paragraph.

(2)

In subsection (1) (application of subsections (2) and (3) where inspector is satisfied as to irrecoverability of qualifying payment) for the words from “where” to “made” there shall be substituted“where a qualifying company—

(a)

is entitled to a right to receive a qualifying payment, and

(b)

makes a claim”.

(3)

In subsections (2) and (3) (treatment of irrecoverable amounts) in paragraph (a) (amount is considered to have become irrecoverable in the period), for “is considered to have” there shall be substituted “ may reasonably be regarded as having ”.

(4)

In subsection (4) (treatment of amounts later recovered), in paragraph (b) (the whole or any part of so much of the qualifying payment as was considered irrecoverable is recovered in a later accounting period) for “was considered irrecoverable” there shall be substituted “ fell within paragraphs (a) and (b) of that subsection ”.