SCHEDULES

SCHEDULE 14 Loan relationships: minor and consequential amendments

The Taxes Act 1988

14

1

In subsection (2)(b) of section 337 of that Act (deduction of yearly interest etc. in computing income), for “yearly interest, annuity or other annual payment” there shall be substituted “ annuity or other annual payment which is not interest ”.

2

Subsection (3) of that section (deduction of yearly interest payable to a bank) shall cease to have effect.