Law

Finance Act 1993

United Kingdom · statute

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In force since 2024-02-22, as the publisher states.

Copy read on 2026-11-08. The page it was read from

Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.

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Contents: 247 provisions
  1. Title and introductory text
  2. 1 Rates of duty.
  3. 2 Beer duty: rate for new regime.
  4. 3 Low strength beer.
  5. 4 Beer duty: abolition of certain reliefs, etc.
  6. 5 Blending of alcoholic liquors.
  7. 6 Mixing of wine and spirits in excise warehouse.
  8. 7 Sparkling wine or made-wine.
  9. 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  10. 9 Rates of duty.
  11. 10 Extension of Hydrocarbon Oil Duties Act 1979 to energy products.
  12. 11 Other fuel substitutes.
  13. 12 Measurement of volume.
  14. 13 Rates of duty.
  15. 14 Hand-rolling tobacco.
  16. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  17. 16 Small-prize machines.
  18. 17 Rates of duty: general.
  19. 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  20. 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  21. 20 Old bicycles.
  22. 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  23. 22 Mutual recovery and disclosure of information.
  24. 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  25. 24 Lottery duty.
  26. 25 Amount of duty.
  27. 26 Time for payment.
  28. 27 Persons liable for duty.
  29. 28 General.
  30. 29 Registration of promoters etc.
  31. 30 Application of revenue trade provisions of CEMA 1979.
  32. 31 General offences.
  33. 32 Offences by bodies corporate.
  34. 33 Forfeiture.
  35. 34 Protection of officers etc.
  36. 35 Evidence by certificate etc.
  37. 36 Duty a preferential debt in insolvency.
  38. 37 Disclosure of information.
  39. 38 Regulations and orders.
  40. 39 Disapplication of pool betting duty.
  41. 40 Interpretation etc.
  42. 41 Commencement.
  43. 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  44. 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  45. 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  46. 45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  47. 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  48. 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  49. 48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  50. 49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  51. 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  52. 51 Charge and rates of income tax for 1993-94.
  53. 52 Personal and married couple’s allowances.
  54. 53 Charge and rate of corporation tax for 1993.
  55. 54 Small companies.
  56. 55 Relief for interest.
  57. 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  58. 57 Temporary relief for interest payments.
  59. 58 Overclaims in respect of deductions of mortgage interest.
  60. 59 Interest payments to persons not ordinarily resident in UK.
  61. 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  62. 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  63. 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  64. 62A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  65. 63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  66. 64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  67. 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  68. 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  69. 67 Donations from companies and individuals.
  70. 68 Payroll deduction schemes.
  71. 69 Contributions to agent’s expenses.
  72. 70 Car benefits: 1993-94.
  73. 71 Car fuel: 1993-94.
  74. 72 Car and car fuel benefits: 1994-95 onwards.
  75. 73 Vans.
  76. 74 Heavier commercial vehicles.
  77. 75 Sporting and recreational facilities.
  78. 76 Removal expenses and benefits.
  79. 77 Application of lower rate.
  80. 78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  81. 79 Provisions supplemental to sections 77 and 78.
  82. 80 Transitional relief for charities etc.
  83. 81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  84. 82 Annual exempt amount for 1993-94.
  85. 83 Annual exempt amount: indexation for 1994-95 onwards.
  86. 84 Re-organisations etc. involving debentures.
  87. 85 Personal equity plans.
  88. 86 Roll-over relief.
  89. 87 Relief on retirement or re-investment.
  90. 88 Restriction on set-off of pre-entry losses.
  91. 89 De-grouping charges.
  92. 90 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  93. 91 Deemed disposals of unit trusts by insurance companies.
  94. 92 The basic rule: sterling to be used
  95. 92A Company operating in sterling and preparing accounts in another currency
  96. 92B Company operating in currency other than sterling and preparing accounts in another currency
  97. 92C Company preparing accounts in currency other than sterling
  98. 92D Sterling equivalents: the basic rule
  99. 92DA Sterling equivalents: carried-back amounts
  100. 92DB Sterling equivalents: carried-forward amounts
  101. 92DC Adjustment of sterling losses: carried-back amounts
  102. 92DD Adjustment of sterling losses: carried-forward amounts
  103. 92DE Meaning of “carried-back amount” and “carried-forward amount”
  104. 92E Interpretation of sections 92A to 92DD
  105. 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  106. 96 Foreign companies: trading currency.
  107. 97 Modification of Taxes Act 1988.
  108. 98 Modification of section 440 of Taxes Act 1988.
  109. 99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  110. 100 Income from investments attributable to BLAGAB, etc.
  111. 101 Modification of Finance Act 1989.
  112. 102 Modification of Taxation of Chargeable Gains Act 1992.
  113. 103 Amendment of definition and repeals.
  114. 104 Calculation of consideration.
  115. 105 Expenditure on shares.
  116. 106 Earnings cap etc: no indexation in 1993-94.
  117. 107 Indexation of allowances etc. for 1994-95 onwards.
  118. 108 Counselling services for employees.
  119. 109 Pre-trading expenditure.
  120. 110 Waste disposal expenditure.
  121. 111 Business expansion scheme: loan linked investments.
  122. 112 Employers’ pension contributions.
  123. 113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  124. 114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  125. 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  126. 116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  127. 117 Transactions between connected persons etc.
  128. 118 Scottish trusts.
  129. 119 Controlled foreign companies.
  130. 120 Pay and file: miscellaneous amendments.
  131. 121 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  132. 122 Application of Income Tax Acts etc. to public departments.
  133. 123 Expenditure involving crime.
  134. 124 Expenses of Members of Parliament.
  135. 125 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  136. 126 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  137. 127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  138. 128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  139. 129 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  140. 130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  141. 131 Non-trading gains and losses: relief.
  142. 132 Modifications where loss carried forward.
  143. 133 Interaction with ICTA.
  144. 134 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  145. 135 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  146. 135A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  147. 136 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  148. 136A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  149. 137 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  150. 138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  151. 139 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  152. 140 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  153. 141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  154. 142 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  155. 143 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  156. 144 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  157. 145 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  158. 146 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  159. 147 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  160. 148 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  161. 149 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  162. 150 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  163. 151 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  164. 152 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  165. 153 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  166. 154 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  167. 155 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  168. 156 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  169. 157 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  170. 158 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  171. 159 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  172. 160 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  173. 161 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  174. 162 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  175. 163 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  176. 164 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  177. 165 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  178. 166 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  179. 167 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  180. 168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  181. 168A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  182. 169 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  183. 170 Amendments.
  184. 171 Taxation of profits and allowance of losses.
  185. 172 Year of assessment in which profits or losses arise.
  186. 173 Assessment and collection of tax.
  187. 174 Premium trust funds.
  188. 175 Special reserve funds.
  189. 176 Ancillary trust funds.
  190. 177 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  191. 178 Stop-loss and quota share insurance.
  192. 179 Cessation: final year of assessment.
  193. 179A Death of member.
  194. 179B Conversion to underwriting through partnership or company
  195. 180 Underwriting profits to be relevant UK earnings etc.
  196. 181 Lloyd’s underwriting agents.
  197. 182 Regulations.
  198. 183 Consequential amendments.
  199. 184 Interpretation and commencement.
  200. 185 Abolition of PRT for oil fields with development consents on or after 16th March 1993.
  201. 186 Reduction of rates of PRT and interest repayments for taxable oil fields.
  202. 187 Returns and information.
  203. 188 Exploration and appraisal expenditure.
  204. 189 Transitional relief for certain exploration and appraisal expenditure.
  205. 190 Allowance of expenditure on certain assets limited by reference to taxable field use.
  206. 191 Time when expenditure is incurred.
  207. 192 Chargeable periods in which expenditure may be brought into account.
  208. 193 Tariff receipts etc.
  209. 194 Double taxation relief in relation to petroleum revenue tax.
  210. 195 Interpretation of Part III and consequential amendments of assessments etc.
  211. 196 Rate bands: no indexation in 1993.
  212. 197 Rate bands: indexation for 1994 onwards.
  213. 198 Fall in value relief: qualifying investments.
  214. 199 Fall in value relief: interests in land.
  215. 200 Appeals: questions as to value of land.
  216. 201 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  217. 202 Rent to mortgage: England and Wales.
  218. 203 Rent to loan: Scotland.
  219. 204 Method of denoting stamp duty.
  220. 205 The 1968 Act.
  221. 206 Corporation tax.
  222. 207 Stamp duty.
  223. 208 Residence: available accommodation.
  224. 209 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  225. 210 Trading funds.
  226. 211 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  227. 212 Interpretation.
  228. 213 Repeals.
  229. 214 Short title.
  230. SCHEDULE 1 Table of rates of duty on wine and made-wine
  231. SCHEDULE 2 Value added tax: penalties etc.
  232. SCHEDULE 6 Taxation of distributions: supplemental provisions
  233. SCHEDULE 7 Relief on retirement or re-investment
  234. SCHEDULE 8 Restriction on set-off of pre-entry losses
  235. SCHEDULE 12
  236. SCHEDULE 13 First-year allowances for machinery and plant
  237. SCHEDULE 14 Pay and file: miscellaneous amendments
  238. SCHEDULE 15 Exchange gains and losses: alternative calculation
  239. SCHEDULE 16 Exchange gains and losses: transitionals
  240. SCHEDULE 17 Exchange gains and losses: chargeable gains
  241. SCHEDULE 18 Exchange gains and losses: amendments
  242. SCHEDULE 19 Lloyd’s underwriters: assessment and collection of tax
  243. SCHEDULE 20 Lloyd’s underwriters: special reserve funds
  244. SCHEDULE 20A Lloyd’s underwriters: conversion to underwriting through partnership or company
  245. SCHEDULE 20B PRT: elections for oil fields to become non-taxable
  246. SCHEDULE 22 Trading funds
  247. SCHEDULE 23 Repeals

Proposed changes to this act

No one has proposed a change to this act yet.

247 provisions

111 Business expansion scheme: loan linked investments.

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Propose a change

112 Employers’ pension contributions.

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113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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117 Transactions between connected persons etc.

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118 Scottish trusts.

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119 Controlled foreign companies.

(1) In section 750(1) of the Taxes Act 1988 (meaning of lower level of taxation for purposes of provisions relating to controlled foreign companies) for “one-half” there shall be substituted “ three-quarters ”. (2) Subsection (1) above shall apply in relation to accounting periods beginning on or after 16th March 1993. (3) Where a company is by virtue of section 749(1) or (2) of the Taxes Act 1988 regarded as resident in a territory outside the United Kingdom and (apart from this section)— (a) an accounting period of the company would begin before 16th March 1993 and end on or after that date, and (b) the company would not be considered to be subject, by virtue of section 750(1) of that Act, to a lower level of taxation in that accounting period in the territory in which it is regarded as resident, for the purposes of Chapter IV of Part XVII of that Act that accounting period shall be treated as ending on 15th March 1993.

Propose a change

120 Pay and file: miscellaneous amendments.

Schedule 14 to this Act (which makes various amendments of the Taxes Management Act 1970, the Taxes Act 1988 and the Finance Act 1989 with a view to, or in connection with, the introduction of “pay and file”) shall have effect.

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121 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

122 Application of Income Tax Acts etc. to public departments.

(1) In subsection (2) of section 829 of the Taxes Act 1988 (restriction on application of Income Tax Acts to public departments), at the end there shall be inserted “ unless it is tax which would not have been so borne but for a failure by a public office or department of the Crown to make a deduction required by virtue of subsection (1) above. ” (2) The provisions of Parts IX and X of the Taxes Management Act 1970 (interest and penalties) shall apply in relation to public offices and departments of the Crown for the purposes, so far as they so apply, of the other provisions of that Act and of the provisions of the Income Tax Acts mentioned in section 829(1) of the Taxes Act 1988. (3) This section shall have effect in relation to the year 1993-94 and subsequent years of assessment.

Propose a change

123 Expenditure involving crime.

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Propose a change

124 Expenses of Members of Parliament.

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125 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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126 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

129 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

131 Non-trading gains and losses: relief.

(1) This section applies where— (a) a company is treated as incurring in an accounting period a loss or losses by virtue of section 129 above, and (b) it is not treated as receiving in the accounting period any amount by virtue of that section; and where this section applies by virtue of this subsection references to the relievable amount for the accounting period are to an amount equal to amount B. (2) This section also applies where— (a) a company is treated as incurring in an accounting period a loss or losses by virtue of section 129 above, (b) it is treated as receiving in the accounting period an amount or amounts by virtue of that section, and (c) amount B exceeds amount A; and where this section applies by virtue of this subsection references to the relievable amount for the accounting period are to an amount equal to amount B minus amount A. (3) The company may claim under this subsection that the whole or part of the relievable amount for an accounting period shall be treated for the purposes of section 403(1) of the Taxes Act 1988 (group relief) as if it were a loss incurred by the company in the period in carrying on a trade, and in such a case section 403(2) (exclusions) shall not apply. (4) The company may claim under this subsection that the whole or part of the relievable amount for an accounting period shall be set off for the purposes of corporation tax against profits (of whatever description) of that accounting period; and in such a case, subject to any relief for a loss incurred in a trade in an earlier accounting period, those profits shall then be treated as reduced accordingly. (5) Where a company has made no claim under subsection (3) or (4) above as regards the relievable amount for an accounting period, the company may claim under this subsection that— (a) the whole of the relievable amount, or (b) where the relievable amount exceeds the relevant exchange profits, so much of the relievable amount as is equal to those profits, shall be treated as mentioned in subsection (7) below. (6) Where a company has made a claim under subsection (3) or (4) above as regards the relievable amount for an accounting period, the company may claim under this subsection that— (a) such part of the relievable amount as is not the subject of any such claim, or (b) where that part exceeds the relevant exchange profits, so much of that part as is equal to those profits, shall be treated as mentioned in subsection (7) below. (7) Where a company claims under subsection (5) or (6) above as regards the whole or part of the relievable amount for an accounting period, the whole or part concerned shall be set off for the purposes of corporation tax against the exchange profits of preceding accounting periods falling wholly or partly within the permitted period; and (subject to any relief for an earlier loss) the exchange profits of any of those accounting periods shall then be treated as reduced by the whole or part concerned or by so much of it as cannot be set off under this subsection against the exchange profits of a later accounting period. (8) For the purposes of subsections (5) and (6) above “the relevant exchange profits” means the total of the following— (a) the exchange profits, as reduced by any reliefs for earlier losses and any reliefs falling within subsection (9) below, of all those accounting periods falling wholly within the permitted period, and (b) such part of the exchange profits, as so reduced, of any accounting period falling partly before the beginning of the permitted period as is proportionate to the part of the accounting period falling within the permitted period. (9) The reliefs falling within this subsection are— (a) any relief under section 338 of the Taxes Act 1988 (charges on income) in respect of payments made wholly and exclusively for the purposes of a trade; (b) where the company is an investment company for the purposes of Part IV of the Taxes Act 1988, any relief under that section in respect of payments made wholly and exclusively for the purposes of its business. (10) For the purposes of subsections (7) and (8) above— (a) the exchange profits of an accounting period are the annual profits or gains the company is treated as receiving in that period under section 130 above, (b) the permitted period is the period of three years immediately preceding the accounting period first mentioned in subsection (7) above, and (c) an earlier loss is a loss incurred, or treated as incurred, in an accounting period earlier than that first mentioned in subsection (7) above. (11) The amount of the reduction that may be made under subsection (7) above in the exchange profits of an accounting period falling partly before the beginning of the permitted period shall not exceed a part of those profits proportionate to the part of the accounting period falling within the permitted period. (12) If the whole or part of the relievable amount for an accounting period is not dealt with under a claim under this section— (a) the company shall be treated as incurring by virtue of section 129 above a loss of an amount equal to the whole or part (as the case may be), (b) the company shall be treated as incurring the loss in the next succeeding accounting period, and (c) in relation to that accounting period references to amount B shall be construed accordingly. (13) A company— (a) may not claim under more than one of subsections (3) and (4) above as regards the same part of a relievable amount, and (b) where it has claimed under subsection (5)(b) or (6) above as regards part of a relievable amount, may not later claim under subsection (3) or (4) above as regards any part of the relievable amount. (14) A claim under any of subsections (3) to (6) above must be made within the period of two years immediately following the accounting period to which the relievable amount relates or within such further period as the Board may allow.

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132 Modifications where loss carried forward.

(1) This section applies where section 131(12) above treats a company as incurring a loss in an accounting period by virtue of section 129 above. (2) In this section references to amount C are to so much of amount B as the company is treated as incurring in the accounting period otherwise than by virtue of section 131(12). (3) Where section 131 above applies by virtue of section 131(1) and this section applies, then, as regards the accounting period— (a) if amount C is nil section 131(3) to (6) shall not apply; (b) if amount C exceeds nil the references to the relievable amount in section 131(3) to (7), (13) and (14) shall be construed as references to so much of that amount as equals amount C. (4) Where section 131 above applies by virtue of section 131(2) and this section applies, then, as regards the accounting period— (a) if amount C does not exceed amount A section 131(3) to (6) shall not apply; (b) if amount C exceeds amount A the references to the relievable amount in section 131(3) to (7), (13) and (14) shall be construed as references to so much of that amount as equals amount C minus amount A.

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133 Interaction with ICTA.

(1) Section 131(4) above shall apply before section 393A(1) of the Taxes Act 1988 in relation to profits of the accounting period first mentioned in section 131(4) above. (2) Relief shall not be given under section 131(4) above against any ring fence profits of the company; and in this subsection “ring fence profits” has the same meaning as in Chapter V of Part XII of the Taxes Act 1988. (3) Where the company incurs a loss in a trade in the accounting period first mentioned in subsection (7) of section 131 above, that subsection shall apply after section 393A(1) of the Taxes Act 1988 in relation to exchange profits of a particular accounting period. (4) Relief shall not be given by virtue of section 131(7) above so as to interfere with— (a) any relief under section 338 of the Taxes Act 1988 (charges on income) in respect of payments made wholly and exclusively for the purposes of a trade, or (b) where the company is an investment company for the purposes of Part IV of the Taxes Act 1988, any relief under that section in respect of payments made wholly and exclusively for the purposes of its business. (5) The reference in subsection (3) above to exchange profits of an accounting period shall be construed in accordance with section 131(10) above.

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