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.