5(1)Section 370 of the Taxes Act 1988 (meaning of “relevant loan interest”) is amended as follows.U.K.
(2)In subsection (1)—
(a)for “sections 372” substitute “ sections 373 ”; and
(b)omit the words “or (3)”.
(3)In subsection (2), omit the words “354(1) or”, “356A, 357 or”, and paragraph (c) and the word “and” immediately before it.
(4)Omit subsections (3), (4), (6) and (7).
(5)In subsection (5), for the words from “sections” to “each” substitute “ section 365 shall ”.