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Finance Act 2002

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This is the original version (as it was originally enacted).

Investment trusts

56(1)Section 842 is amended as follows.

(2)In paragraph (a) of subsection (1) (income must be wholly or mainly eligible investment income)—

(a)after “the company’s income” insert “(as determined in accordance with subsection (1AB) below)”; and

(b)after “eligible investment income” insert “(as so determined)”.

(3)In paragraph (e) of subsection (1) (company must not retain more than 15% of eligible investment income)—

(a)for “more than” substitute “an amount which is greater than”; and

(b)after “eligible investment income” insert “(determined in accordance with subsection (1AB) below)”.

(4)After subsection (1AA) insert—

(1AB)In determining for the purposes of paragraph (a) or (e) of subsection (1) above (and accordingly of subsection (2A)(b) below)—

(a)the amount of a company’s income, or

(b)the amount of income which a company derives from shares or securities,

the amounts to be brought into account under Chapter 2 of Part 4 of the Finance Act 1996 in respect of the company’s loan relationships shall be determined without reference to any debtor relationships of the company..

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