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11(1)In section 421 of the Taxes Act 1988 (taxation of borrower when loan under s.419 released etc) in subsection (1)—
(a)in paragraphs (a) and (b), for the words “lower rate”, in both places where they occur, there shall be substituted “Schedule F ordinary rate”; and
(b)in paragraph (c), after the words “as if it were income to which section 1A applies” there shall be inserted “by virtue of subsection (2)(b) of that section”.
(2)This paragraph has effect in relation to the release or writing off of the whole or part of a debt on or after 6th April 1999.
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