Finance Act, 1974
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Application to corporation profits tax. |
53.—(1) The foregoing provisions of this Chapter shall, with any necessary modifications, apply for the purposes of corporation profits tax. | |
(2) Section 53 (2) of the Finance Act, 1920 , is hereby amended by the addition to the proviso of the following paragraph: | ||
“(l) subject to section 53 (1) of the Finance Act, 1974, any deduction allowed in respect of interest paid in respect of any period beginning on or after the 10th day of January, 1974, not being interest wholly and exclusively laid out or expended for the purposes of a trade or profession, or other business the income from which consists wholly or mainly of profits or gains chargeable under Case V of Schedule D, shall not exceed an amount calculated at the rate of £2,000 per annum.”. |