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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations, which take account of recent legislation contained in the Income Tax Act 2007 and the Finance Act 2007, revoke the Manufactured Interest (Tax) Regulations 1997 (S.I. 1997/992), and specify the circumstances in which a UK company recipient of a payment of manufactured interest may claim tax credit relief in respect of the payment.

A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.