Part III Income Tax, Corporation Tax and Capital Gains Tax
Chapter I Income Tax and Corporation Tax
Relief for interest and losses etc.
82 Carry forward of non-trading deficit on loan relationships.
F1(1)
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(2)
Section 797 (limits on credit: corporation tax) and section 797A (foreign tax on interest brought into account as a non-trading credit) of the Taxes Act 1988 are amended as follows—
(a)
in section 797(3B)(b), omit “or in accordance with subsection (3) of that section";
(b)
in section 797A(5), at the end of paragraph (a) insert the word “
and
”
and omit paragraph (c) and the word “and" preceding it;
F2(c)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d)
in section 797A(6), for “specified in subsection (5)(c) above" substitute “
carried forward to the applicable accounting period in pursuance of a claim under section 83(2)(d) of that Act
”
;
F2(e)
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(3)
The following amendments of Schedule 28A to the Taxes Act 1988 (change in ownership of investment company: deductions) are consequential on the amendment in subsection (1) above—
(a)
in paragraph 6(da), after “period" insert “
(other than one within sub-paragraph (dc) below)
”
;
(b)
in paragraph 6(db), omit “(dc) or";
(c)
in paragraph 6(dc), for “debit given for that accounting period by" substitute “
deficit carried forward to that accounting period under
”
;
(d)
in paragraph 7(1)(b), for “debit" substitute “
deficit
”
;
(e)
in paragraph 11(2), omit paragraph (a);
(f)
in paragraph 13(1)(ea), after “period" insert “
(other than one within paragraph (ec) below)
”
;
(g)
in paragraph 13(1)(eb), omit “(ec) or";
(h)
in paragraph 13(1)(ec), for “debit given for that accounting period by" substitute “
deficit carried forward to that accounting period under
”
;
(i)
in paragraph 16(1)(b), for “debit" substitute “
deficit
”
.
(4)
The amendments made by this section shall be deemed always to have had effect.