Introductory
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The Taxes Act 1988 is amended as follows.
Finance Act 2002 Part 2 — Amendments of other enactments
The Taxes Act 1988
Incidental costs of obtaining loan finance
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In section 77(2)(a) (meaning of “qualifying loan” etc) omit sub-paragraph (ii) (interest deductible under section 338 against total profits).
Group relief
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Building society shares: regulations for deduction of tax
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Building society shares: incidental costs of issuing qualifying shares
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European Economic Interest Groupings
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Funding bonds issued in respect of interest on certain debts
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Transfers of income arising from securities
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Treatment of price differential on sale and repurchase of securities
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Restriction of relief for payments of interest
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Limits on credit: corporation tax
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Foreign tax on items giving rise to a non-trading credit
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Investment trusts
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Venture capital trusts
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Change in ownership of investment company
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The Finance Act 1988
Commercial woodlands
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(1) Schedule 6 to the Finance Act 1988 (c. 39) is amended as follows. (2) In consequence of Chapter 2 of Part 4 of the Finance Act 1996 (loan relationships) in paragraph 3 (abolition of Schedule D election etc) omit— (a) sub-paragraphs (3)(a), (4)(a) and (5)(a) and (b); (b) in sub-paragraph (5), in the words following paragraph (c), the word “group”; and (c) sub-paragraph (6).
The Taxation of Chargeable Gains Act 1992
Interest charged to capital
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(1) Section 40 of the Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows. (2) After subsection (3) add— (4) In consequence of Chapter 2 of Part 4 of the Finance Act 1996 (c. 8) (loan relationships) this section does not have effect in relation to interest referable to an accounting period ending on or after 1st April 1996.
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