SCHEDULES

SCHEDULE 18Stamp duty land tax: consequential amendments

Income and Corporation Taxes Act 1988

3

(1)

The Income and Corporation Taxes Act 1988 (c. 1) is amended as follows.

(2)

In section 209B(4) (hedging arrangements), in subsection (4) for “or stamp duty” substitute “ (including stamp duty or stamp duty land tax) ”.

(3)

In section 213 (exempt distributions), in subsection (11)(a) for “stamp duty” substitute “ stamp duty or stamp duty land tax ”.

(4)

In section 214 (chargeable payments connected with exempt distributions), in subsection (2) for “stamp duty” substitute “ stamp duty or stamp duty land tax ”.

(5)

In section 215 (advance clearance by Board of distributions and payments), in subsection (2) for “stamp duty” substitute “ stamp duty or stamp duty land tax ”.

(6)

In section 827 (penalties and interest not allowed as deductions for tax purposes), after subsection (1F) insert—

“(1G)

Where a person is liable to make a payment by way of—

(a)

any penalty under Part 4 of the Finance Act 2003 (stamp duty land tax), or

(b)

interest under any provision of that Part,

the payment shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes.”.