SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 1Income and Corporation Taxes Act 1988
62
1
Amend section 353 (relief for payments of interest: general) as follows.
2
In subsection (1)—
a
omit “sections 359 to 368 of this Act and”, and
b
for “sections 359 to 365” substitute “
section 365
”
.
3
For subsection (1A) substitute—
1A
Where a person is entitled for a year of assessment to relief under this section in respect of an amount of interest which is eligible for relief by virtue of section 365, the relief is given as a tax reduction for that tax year.
1AA
The amount of the tax reduction is 23% of the amount of the interest.
1AB
The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.
4
Omit subsection (1B).
5
In subsection (1E)—
a
omit “under this section”,
b
for “subsection (1B) above” substitute “
section 383 of ITA 2007 (relief for interest payments)
”
,
c
for “those subsections” substitute “
those provisions
”
, and
d
for the words from “and subsection (1A) or (1B)” to the end substitute “
and subsection (1A) above or section 383 of ITA 2007 shall apply accordingly to the case in which that subsection or section applies
”
.
6
Omit subsections (1F) to (1H).