SCHEDULES
SCHEDULE 22Avoidance involving financial arrangements
Credit allowable in relation to interest
2
1
In section 807A of ICTA (disposals and acquisitions of company loan relationships with or without interest), omit subsection (3) (credit allowable as if amount of foreign tax had been paid).
2
Accordingly, omit—
a
in section 807A of ICTA, subsections (5) and (6) and, in subsection (7), the definitions of “related transaction” and “trading credit”, and
b
section 91(4) of FA 1997.
3
The repeals made by this paragraph have effect in relation to related transactions on or after 12 March 2008.