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.