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Finance Act 1981

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This is the original version (as it was originally enacted).

38Interest charged to capital

(1)The interest deductible under section 248 of the Taxes Act (allowance of charges on income) shall include any interest that would be so deductible if it had not been charged to capital.

(2)In subsection (5)(a) of that section for the words "the payment is charged to capital" there shall be substituted the words " the payment (not being interest) is charged to capital ".

(3)In section 269 of the Taxes Act (interest charged to capital), paragraph (c) together with the word " and " immediately preceding it shall be omitted and for the words following that paragraph there shall be substituted the words the sums so allowable under the said section 32 shall, subject to subsection (1A) below, include the amount of any interest on that borrowed money which is referable to a period or part of a period ending on or before the disposal.

(1A)Subsection (1) above has effect subject to section 33 of the said Act of 1979 and does not apply to interest which is a charge on income..

(4)This section has effect in relation to interest paid in any accounting period ending on or after 1st April 1981.

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