Section 579U.K.
7(1)Section 579 (allowable deductions for manufactured interest on UK securities: matching) is amended as follows.U.K.
(2)For subsections (3) to (8) substitute—
“(3)It is—
(a)deductible by virtue of subsection (2) only so far as it is not otherwise deductible, and
(b)not deductible (whether by virtue of subsection (2) or otherwise) if it (or any part of it) is made directly or indirectly in consequence of, or otherwise in connection with, avoidance arrangements.”
(3)In subsection (9), for “deductible if” substitute “ otherwise deductible if, apart from this section, ”.
(4)Omit subsection (10).
(5)In the heading, omit “: matching”.