OpenLegislation

Paragraph 7 Removal of interest payments restriction

United Kingdom

In Part 2 of ITTOIA 2005—

(a)

in Chapter 4 (trade profits: rules restricting deductions) omit section 51A (cash basis: interest payments on loans), and

(b)

in Chapter 5 (trade profits: rules allowing deductions) omit section 57B (cash basis: interest payments on loans) and the italic heading before it.