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Finance Act 1995

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Section 130.

SCHEDULE 24U.K. Exchange gains and losses

Part IU.K. Amendments of Finance Act 1993

IntroductionU.K.

1U.K.F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Sch. 24 para. 1 repealed (with effect as mentioned in Sch. 40 Pt. 3(10) Note 2 of the amending Act) by Finance Act (c. 23), s. 141, {Sch. 40 Pt. 3(10)} Note 2

Trading gains and lossesU.K.

2U.K.F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2Sch. 24 para. 2 repealed (with effect as mentioned in Sch. 40 Pt. 3(10) Note 2 of the amending Act) by Finance Act (c. 23), s. 141, {Sch. 40 Pt. 3(10)} Note 2

Non-trading gains and lossesU.K.

3U.K.F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3Sch. 24 para. 3 repealed (with effect as mentioned in Sch. 40 Pt. 3(10) Note 2 of the amending Act) by Finance Act (c. 23), s. 141, {Sch. 40 Pt. 3(10)} Note 2

Assets and liabilitiesU.K.

F44U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4Sch. 24 para. 4 repealed (29.4.1996 with effect as mentioned in ss. 80-105 of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note

Chargeable gainsU.K.

F55U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5Sch. 24 para. 5 repealed (29.4.1996 with effect as mentioned in ss. 80-105 of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note

F66U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6Sch. 24 para. 6 repealed (29.4.1996 with effect as mentioned in ss. 80-105 of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note

Part IIU.K. Amendments of other provisions

IntroductionU.K.

7U.K.Paragraphs 8 to 12 below shall be deemed to have come into force on [F723rd March 1995]

Textual Amendments

F7Words substituted (with effect as mentioned in s. 79(3) of the amending Act) by Finance Act 2002 (c. 23), s. 79, Sch. 23 para. 22(3) (with Sch. 23 para. 25)

Interest on overdue taxU.K.

8U.K.In section 87A of the Taxes Management Act 1970 (interest on overdue tax) in subsection (4A) (claims under section 131(5) or (6) of the M1Finance Act 1993)—

(a)for paragraph (c) there shall be substituted—

“(c)if the claim had not been made, there would be an amount or, as the case may be, an additional amount of corporation tax for the earlier period which would carry interest in accordance with this section,”, and

(b)for the words from “then” to the end there shall be substituted “ then, for the purposes of the determination at any time of whether any interest is payable under this section or of the amount of interest so payable, the amount mentioned in paragraph (c) above shall be taken to be an amount of unpaid corporation tax for the earlier period except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable as mentioned in subsection (1) above. ”

Marginal Citations

F89U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F8Sch. 24 para. 9 repealed (31.7.1998 with effect as mentioned in Sch. 3 of the amending Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(2) Note

10U.K.In section 91 of the M2Taxes Management Act 1970 (effect on interest of reliefs) in subsection (1B) (provisions to which section 91(1A) is subject) after the words “section 87A(4)” there shall be inserted “ , (4A), (4B), ”.

Marginal Citations

Interest on tax overpaidU.K.

11U.K.In section 826 of the Taxes Act 1988 (interest on tax overpaid) in subsection (7C) (claims under section 131(5) or (6) of the M3Finance Act 1993)—

(a)at the end of paragraph (c) there shall be inserted “ or of income tax in respect of a payment received by the company in that accounting period ”, and

(b)for the words from “repayment of corporation tax” to “resulting from” there shall be substituted “ repayment referred to in paragraph (c) above, no account shall be taken of so much of the amount of the repayment as falls to be made as a result of ”.

Marginal Citations

12F9(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F9(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9Sch. 24 para. 12(1)(2)(4)(5) repealed (31.7.1998 with effect as mentioned in Sch. 3 of the amending Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(2) Note

F10Sch. 24 para. 12(3) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

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