6(1)Section 342 of the Taxes Act 1988 (tax on company in liquidation) shall be amended as follows.U.K.
(2)In subsection (2) (corporation tax charge on profits of final year etc) after “Subject to subsection (3)" there shall be inserted “ or (3A) ”.
(3)After subsection (3) there shall be inserted—
“(3A)If, in the case of the company’s final accounting period, the income (if any) which consists of interest received or receivable by the company under section 826 does not exceed £2,000, that income shall not be subject to corporation tax.
In this subsection “the company’s final accounting period” means the accounting period of the company which, in accordance with section 12(7), ends by reason of the completion of the winding up.”
(4)This paragraph has effect in relation to final accounting periods ending on or after the day appointed under section 199 of the M1Finance Act 1994 for the purposes of Chapter III of Part IV of that Act (corporation tax self-assessment).