The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 No. 2310

SCHEDULE EXPENSES OF COMPANIES WITH INVESTMENT BUSINESS AND INSURANCE COMPANIES

Taxation of Chargeable Gains Act 1992

Allowable deductions: consideration chargeable to tax on income

48.—(1) Section 37 of the Taxation of Chargeable Gains Act 1992(1) is amended as follows.

(2) Subsection (4) (reference in subsection (1) to computing income etc not to include reference to computation for purposes of section 76(2) of the Taxes Act 1988) is repealed.

(1)

1992 c. 12. There are amendments to section 37 which are not relevant for present purposes.