Part II Income Tax, Corporation Tax and Capital Gains Tax
Chapter I General
Miscellaneous
71 Relief for interest.
For the year 1990-91 the qualifying maximum defined in section 367(5) of the Taxes Act 1988 (limit on relief for interest on certain loans) shall be £30,000.
F172. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F273. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F374. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F475. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1576 Training and enterprise councils and local enterprise companies.
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F1377 Expenses of entertainers.
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F1678 Waste disposal.
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F1479 Priority share allocations for employees etc.
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80 Broadcasting: transfer of undertakings of Independent Broadcasting Authority and Cable Authority.
Schedule 12 to this Act shall have effect.
81 Futures and options: exemptions.
1
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
The following section shall be inserted at the end of Part XIV of the Taxes Act 1988 (pension schemes etc.)—
659A Futures and options.
1
For the purposes of sections 592(2), 608(2)(a), 613(4), 614(3) and (4), 620(6) and 643(2)—
a
“investments” (or “investment”)
includes futures contracts and options contracts, and
b
income derived from transactions relating to such contracts shall be regarded as income derived from (or income from) such contracts,
and paragraph 7(3)(a) of Schedule 22 to this Act shall be construed accordingly.
2
For the purposes of subsection (1) above a contract is not prevented from being a futures contract or an options contract by the fact that any party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets other than money) in full settlement of all obligations.
F63
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4
Section 659 of the Taxes Act 1988 (financial futures and traded options) shall cease to have effect.
5
Subsections (1) and (2) above apply in relation to income derived after the day on which this Act is passed.
F66
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7
Insofar as section 659 of the Taxes Act 1988 relates to provisions of that Act, subsection (4) above applies in relation to income derived after the day on which this Act is passed.
8
Insofar as section 659 of the Taxes Act 1988 relates to section 149B of the M1Capital Gains Tax Act 1979, subsection (4) above applies in relation to disposals made after the day on which this Act is passed.
F782. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F883. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F984. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1085. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1186. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1287. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
88 Capital allowances: miscellaneous amendments.
Schedule 13 to this Act shall have effect.
89 Correction of errors in Taxes Act 1988.
Schedule 14 to this Act shall have effect.