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(1)In section 109 of the Management Act (close companies: loans to participators) subsection (2) shall be omitted.
(2)In subsection (3) of that section for “88” there shall be substituted “ 87A ” and for the words from “charged” onwards there shall be substituted “ under the said section [F2419] became due and payable shall be that determined in accordance with subsection [F2(3)] of that section ”.
(3)After subsection (3) of that section there shall be inserted the following subsection—
“(3A)If there is such a repayment of the whole or any part of a loan or advance as is referred to in subsection [F2(4)] of section [F2419] of the principal Act, interest under section 87A of this Act on so much of the tax under the said section [F2419] as is referable to the amount repaid shall not be payable in respect of any period after the date on which the repayment was made.”
(4)This section has effect with respect to loans or advances made (or treated as made) in any accounting period ending after the appointed day.
Modifications etc. (not altering text)
In section 118(2) of the Management Act (cases where persons are deemed not to have failed to do things which are required to be done within a limited time), after the word “deemed”, in the second place where it occurs, there shall be inserted “ not to have failed to do it unless the excuse ceased and, after the excuse ceased, he shall be deemed ”.
(1)In this Chapter “the Management Act” means the M1Taxes Management Act 1970.
(2)Subject to subsection (3) below, any reference in this Chapter to the appointed day is a reference to such day as the Treasury may by order made by statutory instrument appoint, and different days may be so appointed for different provisions of this Chapter.
(3)No day may be appointed by virtue of subsection (2) above which falls earlier than 31st March 1992.
(4)The provisions of Schedule 6 to this Act shall have effect, being provisions consequential on and supplementary to the provisions of this Chapter.
Modifications etc. (not altering text)
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