SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Finance Act 1996 (c. 8)
371
The Finance Act 1996 is amended as follows.
372
In section 88A(1)
(loan relationships: accounting method where rate of interest is reset) for “of Chapter 1 of Part 17” substitute “
given by section 840ZA
”
.
373
In section 91D(11)
(loan relationships: condition 2 for section 91B(6)(b)) for “section 709(1)” substitute “
section 840ZA
”
.
374
1
Amend section 97 (manufactured interest) as follows.
2
For subsection (4) substitute—
4
See sections 736B(2) and 737A(5) of the Taxes Act 1988 for cases in which there is deemed to be a payment of an amount representative of interest for the purposes of this section.
3
In subsection (4A) for “subsection (4) above” substitute “
subsection (2) of that section
”
.
375
1
Amend section 103 (interpretation of Chapter 2 of Part 4: loan relationships) as follows.
2
In subsection (1), in the definition of “retail prices index”, for “section 833(2) of the Taxes Act 1988” substitute “
section 989 of the Income Tax Act 2007
”
.
3
In subsection (3B) for “section 709(1)” substitute “
section 840ZA
”
.
376
In paragraph 13 of Schedule 9 (loan relationships for unallowable purposes) for sub-paragraph (6) substitute—
6
In this paragraph “tax advantage” has the meaning given by section 840ZA of the Taxes Act 1988.