Paragraph 77 The European Single Currency (Taxes) Regulations 1998

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. para. 34 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 1
Sch. para. 32 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 9
Sch. para. 4 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 12
Sch. para. 36 revoked by Overseas Life Insurance Companies 2006 reg. 43(2) Sch. Pt. 2
Sch. para. 20 revoked by Corporation Tax Act 2010 Sch. 3 Pt. 1
Sch. para. 39 revoked by Corporation Tax Act 2010 Sch. 3 Pt. 1
Sch. para. 32 33 revoked by Corporation Tax Act 2010 Sch. 3 Pt. 2
Sch. para. 33 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 9

(1)

The European Single Currency (Taxes) Regulations 1998^f1 are amended as follows.

(2)

In regulation 6—

(a)

in paragraph (1), for the words from “shall be treated” to the end substitute “shall be treated in accordance with paragraph (1A)”;

(b)

after paragraph (1) insert—

“(1A)

If the company—

(a)

is a company with investment business, the costs shall be treated as expenses of management deductible under section 75 to the extent they otherwise would not be, or

(b)

is one in relation to which section 76 applies, the costs shall be treated for the purposes of that section as expenses payable which fall to be brought into account at Step 1 in subsection (7) of that section to the extent that they otherwise would not be.”.

(c)

paragraphs (2) and (3) are revoked; and

(d)

in paragraph (4), for “has the meaning” substitute—

“and “company with investment business” have the meanings”.

Annotations

Footnotes

f1: S.I. 1998/3177.