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Corporation Tax Act 2009

Part 8: Loan relationships

Exemption for interest on tax overpaid for accounting periods ending before 1 July 1999

3527.Section 34 of FA 1998 removed the exemption from corporation tax for interest under section 826(1) of ICTA (interest on tax overpaid) for payments made in accounting periods ending on or after 1 July 1999. Section 826(5A) of ICTA, which provides that the exemption does not apply for corporation tax purposes, is not rewritten in this Act as the interest naturally falls to be charged as income by Part 5 of this Act.

5½% Treasury Stock 2008-2012 not redeemed before 6 April 2009

3528.Because this Treasury Stock may be redeemed within a maximum of three years the exemption from charge under Part 5 for amounts other than interest (section 96(2) of FA 1996) is rewritten in this Schedule. See the commentary in the overview of Chapter 12 of Part 5.

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