HC Deb 13 March 2001 vol 364 c931

Resolved, That— (1) Section 736B of the Income and Corporation Taxes Act 1988 shall be amended as follows. (2) In subsection (2), after "shall apply" there shall be inserted ", subject to subsection (2A) below,". (3) After that subsection there shall be inserted— (2A) The borrower is not entitled, by virtue of anything in Schedule 23A or any provision of regulations under that Schedule, or otherwise—

  1. (a) to any deduction in computing profits or gains for the purposes of income tax or corporation tax, or
  2. (b) to any deduction against total income or, as the case may be, total profits,
in respect of any such deemed requirement or payment as is provided for by subsection (2) above. Where the borrower is a company, an amount may not be surrendered by way of group relief if a deduction in respect of it is prohibited by this subsection.". (4) This Resolution shall apply to payments treated under section 736B as made on or after 3rd October 2000.