Finance Act 2002 Part 2 — Amendments of other legislation

Charges on income

17

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Supplementary charge in respect of ring fence trades

18

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19

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Double taxation relief

20

(1) Section 798B of the Taxes Act 1988 (adjustments of interest and dividends for spared tax etc) is amended as follows. (2) In subsection (5) (meaning of “qualifying losses”) for paragraph (a) (exchange losses under Finance Act 1993) substitute— (a) exchange losses falling to be brought into account as debits for the purposes of Chapter 2 of Part 4 of the Finance Act 1996 (loan relationships); and

Provision not at arm’s length: foreign exchange gains and losses

21

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Miscellaneous amendments

22

(1) The Finance Act 1995 (c. 4) is amended as follows. (2) Omit section 131(which made transitional provision in relation to exchange gains and losses and which is spent). (3) In Part 2 of Schedule 24 (amendments of certain enactments) in paragraph 7 (commencement on day appointed under section 165(7)(b) of Finance Act 1993) for the words following “come into force on” substitute “ 23rd March 1995 ” .

Tonnage tax

23

(1) Schedule 22 to the Finance Act 2000 (c. 17) is amended as follows. (2) In paragraph 50 (relevant shipping income: certain interests etc) in sub-paragraph (2) (income to which paragraph 50 applies) at the end of paragraph (a) insert “ and ” . (3) In paragraph 63 (meaning of “finance costs”) in sub-paragraph (2)(c) (exchange gain or loss) for “within the meaning of Chapter II of Part II of the Finance Act 1993” substitute “ within the meaning given by section 103(1A) of the Finance Act 1996 ” .

Intangible fixed assets: assets entirely excluded: financial assets

24

(1) Schedule 29 to the Finance Act 2002 (gains and losses of a company from intangible fixed assets) is amended as follows. (2) In paragraph 75 (assets entirely excluded: financial assets) in sub-paragraph (3) for paragraph (a) (money debts) substitute— (a) loan relationships;