Related Commentary  Related HMRC Manuals

52(1)  In calculating the profits of a trade, no deduction is allowed–

(a)for any tax year for the interest paid on a debt or liability in respect of which relief is given under section 383 of ITA 2007 (see subsection (5) below), or

(b)for any relevant tax year for other interest on the same debt or liability.

52(2)  A tax year is a relevant one if the interest in respect of which the relief is given could, but for the relief, have been brought into account in calculating the profits of a trade of the tax year.

52(3)  For the purposes of subsection (1)(b) all interest which–

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