Part 11Manufactured payments and repos
Chapter 2Manufactured payments
Manufactured interest on UK securities
580Allowable deductions: restriction on double counting
1
This section applies if an amount has been allowed as a deduction under section 579(2) by reference to the whole or part of—
a
the periodical payment of interest, or other payment, mentioned in section 579(4)(a),
b
the sum mentioned in section 579(6)(a), or
c
the deemed payment of interest mentioned in section 579(7)(a).
2
No further deduction is allowable by reference to all or part of the matched portion of the payment, sum or deemed payment.
3
The “matched portion” of the payment, sum or deemed payment means—
a
the whole of it, if the amount has been allowed as a deduction by reference to the whole of it, or
b
the part of it by reference to which the amount has been allowed as a deduction, in any other case.