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Finance Act 1996
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40In section 827 of the Taxes Act 1988 (no deduction for penalties etc.) the following subsection shall be inserted after subsection (1B)—
“(1C)Where a person is liable to make a payment by way of—
(a)penalty under Part V of Schedule 5 to the Finance Act 1996 (landfill tax), or
(b)interest under paragraph 26 or 27 of that Schedule,
the payment shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes.”
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