SCHEDULES
SCHEDULE 25Loan relationships
Part 2Amendments of other enactments
The Taxes Act 1988
55Foreign tax on items giving rise to a non-trading credit
1
Section 797A is amended as follows.
2
In subsection (5) (which specifies certain amounts under section 83 of the Finance Act 1996 (c. 8) which are to be aggregated for the purposes of subsection (4))—
a
in paragraph (a)—
i
for “(2)(b), (c) or (d)” substitute “
(2)(c)
”
; and
ii
for the words from “(group relief” to “deficits)” substitute “
(deficit carried back and set against profits)
”
;
b
after paragraph (a) insert—
aa
so much of any non-trading deficit for that period as is surrendered as group relief by virtue of section 403 of the Taxes Act 1988; and
and
c
in paragraph (b), for “(3)” substitute “
(3A)
”
.
3
In subsection (6), for “in pursuance of a claim under section 83(2)(d)” substitute “
under section 83(3A)
”
.