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Amendment of section 247 (relief to companies on loans applied in acquiring interest in other companies) of Principal Act.
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67.—(1) Section 247 of the Principal Act is amended by the substitution of the following for subsection (5):
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“(5) Interest eligible for relief under this section shall be deducted from or set off against the income (not being income referred to in subsection (2)(a) of section 25) of the borrower for the year of assessment in which the interest is paid and tax shall be discharged or repaid accordingly.
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(6) Where relief is given under this section in respect of interest on a loan, no relief or deduction under any other provision of the Tax Acts shall be given or allowed in respect of interest on the loan.”.
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(2) This section shall be deemed to have applied as on and from 6 April 1997.
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