# The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004, Paragraph 77: The European Single Currency (Taxes) Regulations 1998


(1) The European Single Currency (Taxes) Regulations 1998 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”.

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Source: https://www.legislation.gov.uk/uksi/2004/2310/schedule/paragraph/77 (the official version)
Page: https://openlegislation.uk/finance-act-2004-sections-38-to-40-and-45-and-schedule-6-consequential-amendment-of-enactments-order-2004/schedule/paragraph-77
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.