3(1)The Income and Corporation Taxes Act 1988 (c. 1) is amended as follows.U.K.
(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.”.