357YBRestitution interest chargeable as incomeU.K.
This section has no associated Explanatory Notes
(1)Profits arising to a company which consist of restitution interest are chargeable to tax as income under this Part (regardless of whether the profits are of an income or capital nature).
[F1(1A)In subsection (1) the reference to a company does not include a charitable company.]
(2)In this Part references to “profits” are to be interpreted in accordance with section 2(2) of CTA 2009.
Textual Amendments
F1S. 357YB(1A) inserted (with effect in accordance with reg. 2 of the amending S.I.) by The Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017 (S.I. 2017/364), regs. 1, 6