Finance Act, 1997

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’.”.