Finance Act, 1997
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Amendment of section 31 (interest payments by companies and to non-residents) of Finance Act, 1974 . |
36.—Section 31 (as amended by the Finance Act, 1996 ) of the Finance Act, 1974 , is hereby amended— | |
(a) by the substitution for subsection (1) of the following subsection: | ||
“(1) In this section— | ||
‘company’ means any body corporate; | ||
‘relevant security’ means a security issued by a company on or before the 31st day of December, 2005, on terms which oblige the company to redeem the security within a period of 15 years after the date on which the security was issued.”, | ||
and | ||
(b) by the addition, after subsection (3) of the following subsection: | ||
“(4) In relation to interest paid in respect of a relevant security paragraph (cc) of subsection (3) shall apply— | ||
(a) as if there were deleted from subsection (2) of section 39A (inserted by the Finance Act, 1981 ) of the Finance Act, 1980 , ‘, and any certificate so given shall, unless it is revoked under subsection (4), (4A) or (4B), remain in force until the 31st day of December, 2005’, and | ||
(b) as if there were deleted from subsection (2) of section 39B (inserted by the Finance Act, 1987 ) of the Finance Act, 1980 , ‘, and any certificate so given shall, unless it is revoked under subsection (4), (5) or (5A), remain in force until the 31st day of December, 2005’.”. |