3U.K.In section 349(3) of the Taxes Act 1988—
(a)in paragraph (a), for the words from “in the United Kingdom” to the end there shall be substituted “ on an advance from a bank, if at the time when the interest is paid the person beneficially entitled to the interest is within the charge to corporation tax as respects the interest ”;
(b)in paragraph (b), for “such a bank in the ordinary course of that” there shall be substituted “ a bank in the ordinary course of its ”.
4U.K.After subsection (3AA) of section 349 of the Taxes Act 1988 (inserted by paragraph 2 above) there shall be inserted the following subsection—
“(3AB)An order under section 840A(1)(d) designating an organisation as a bank for the purposes of paragraph (a) of subsection (3) above may provide that that paragraph shall apply to the organisation as if the words from “if” to the end were omitted.”
5U.K.In Schedule 20 to the M1Taxes Act 1988, in paragraphs 7(1) and 10, for “an institution authorised under the Banking Act 1987” there shall in each case be substituted “ a bank ”.
Marginal Citations