SCHEDULES
SCHEDULE 4Interest payable under the Tax Acts by or to companies
Loan relationships
7
1
Section 100 of the [1996 c. 8.] Finance Act 1996 (loan relationships: interest on judgments, imputed interest etc) shall be amended as follows.
2
In subsection (4) (resolution of questions whether debits or credits are to be brought into account under section 82(2) of that Act or treated as non-trading debits or credits) there shall be inserted at the beginning “Except as provided by subsection (4A) below”.
3
After subsection (4) there shall be inserted—
4A
Any debits or credits which—
a
relate to interest payable under the Tax Acts, and
b
fall to be brought into account in accordance with this section in relation to any company,
are to be treated as non-trading debits or non-trading credits.
4
This paragraph has effect in relation to accounting periods ending on or after the day appointed under section 199 of the [1994 c. 9.] Finance Act 1994 for the purposes of Chapter III of Part IV of that Act (corporation tax self-assessment).