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Income and Corporation Taxes Act 1988

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368Exclusion of double relief etc

(1)Interest in respect of which relief is given under section 353 shall not be allowable as a deduction for any other purpose of the Income Tax Acts.

(2)Relief shall not be given under section 353 against income chargeable to corporation tax, and shall not be given against any other income of a company, except where both of the following conditions are satisfied, that is to say—

(a)that the company is not resident in the United Kingdom; and

(b)that the interest cannot be taken into account in computing corporation tax chargeable on the company.

(3)Where interest on any debt or liability is taken into account in the computation of profits or gains or losses for the purposes of Case I or II of Schedule D no relief shall be given under section 353—

(a)in respect of the payment of that interest; or

(b)in respect of interest on the same debt or liability which is paid in any year of assessment for which that computation is relevant.

(4)Where relief is given under section 353 in respect of the interest paid in any year of assessment on any debt or liability—

(a)that interest shall not be taken into account in the computation of profits or gains or losses for the purposes of Case I or II of Schedule D for any year of assessment; and

(b)interest on that debt or liability shall not be taken into account in that computation for any year of assessment for which the interest so paid could have been taken into account but for the relief.

(5)For the purposes of subsections (3) and (4) above, all interest capable of being taken into account in such a computation as is mentioned in those subsections which is payable by any person on money advanced to him on current account, whether advanced on one or more accounts or by the same or separate banks or other persons, shall be treated as interest payable on the same debt.

(6)References in subsections (3) and (4) above to relief given or an amount taken into account are references to relief given or an amount taken into account on a claim or in an assessment which has been finally determined.

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