Finance Act, 1999

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Amendment of section 707 (management expenses) of Principal Act.

86.—(1) Section 707 of the Principal Act is hereby amended in subsection (1) by the substitution for paragraph (b) of the following:

“(b) no deduction shall be made under section 83(2)(b) other than in respect of the amount of any income (other than receipts from premiums) which, if the profits of the company were chargeable to corporation tax under Case I of Schedule D, would be taken into account in computing those profits and any such deduction from the amount treated as expenses of management under that section shall not be regarded as reducing acquisition expenses within the meaning of section 708.”.

(2) This section shall be deemed to have applied as respects income accruing for accounting periods commencing on or after the 1st day of January, 1999.