Section 357YB Restitution interest chargeable as income
United Kingdom
Profits arising to a company which consist of restitution interest are chargeable to tax as income under this Part (regardless of whether the profits are of an income or capital nature).
In subsection (1) the reference to a company does not include a charitable company.
In this Part references to “profits” are to be interpreted in accordance with section 2(2) of CTA 2009.
Annotations
Textual amendments
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S. 357YB(1A) inserted (with effect in accordance with reg. 2 of the amending S.I.) by The Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017 (S.I. 2017/364), regs. 1, 6
Notes on Part 8C
Textual amendments
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Pt. 8C inserted (18.11.2015) (with effect in accordance with s. 38(9)-(12) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 38(3)
Notes on Chapter 1
Textual amendments
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Pt. 8C inserted (18.11.2015) (with effect in accordance with s. 38(9)-(12) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 38(3)