SCHEDULES
SCHEDULE 5 Rent and other receipts from land
I1Part III Minor and consequential amendments
Annotations:
Commencement Information
Finance Act 1996 (c. 8)
64
1
Schedule 8 to the Finance Act 1996 (loan relationships: claims relating to deficits) is amended as follows.
2
In paragraph 1 (claim to set off deficit against other profits for the same period), in sub-paragraph (3)(b) for paragraph (i) substitute—
i
under section 392A(1) or 393A(1) of the Taxes Act 1988 (losses set against profits for the same or preceding accounting periods); or
3
In paragraph 2 (claim to treat deficit as eligible for group relief) for sub-paragraph (2) substitute—
2
Section 403 of the Taxes Act 1988 (amounts which may be surrendered by way of group relief) applies in accordance with section 403ZC(2) of that Act.
Sch. 5 Pts. I-III in force and has effect as mentioned in s. 38.