SCHEDULES

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

The Taxes Act 1988

9

In section 161 of the Taxes Act 1988 (exceptions from charge under section 160 on beneficial loans)—

a

in subsection (3) (exception for certain loans if it is shown that the interest rate is of a certain description) the words “it is shown that” shall cease to have effect; and

b

in subsection (4) (exception for loan to employee’s relative from which employee shows that he derived no benefit) the words “shows that he” shall cease to have effect.