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Finance Act 1998
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Changes over time for: Paragraph 7
Version Superseded: 24/07/2002
Alternative versions:
- 31/07/1998- Amendment
- 28/07/2000
Point in time - 24/07/2002- Amendment
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Point in time view as at 28/07/2000. This version of this provision has been superseded.
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7(1)Section 100 of the M1Finance Act 1996 (loan relationships: interest on judgments, imputed interest etc) shall be amended as follows.
(2)In subsection (4) (resolution of questions whether debits or credits are to be brought into account under section 82(2) of that Act or treated as non-trading debits or credits) there shall be inserted at the beginning “ Except as provided by subsection (4A) below ”.
(3)After subsection (4) there shall be inserted—
“(4A)Any debits or credits which—
(a)relate to interest payable under the Tax Acts, and
(b)fall to be brought into account in accordance with this section in relation to any company,
are to be treated as non-trading debits or non-trading credits.”
(4)This paragraph has effect in relation to accounting periods ending on or after the day appointed under section 199 of the M2Finance Act 1994 for the purposes of Chapter III of Part IV of that Act (corporation tax self-assessment).
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