3(1)The Income and Corporation Taxes Act 1988 (c. 1) is amended as follows.U.K.
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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(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.”.
Textual Amendments
F1Sch. 18 para. 3(2)-(5) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)