Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017

46 Section DB 11 amended (Negative base price adjustment)

(1)

After section DB 11(1), insert:

Deduction: self-remission

(1B)

A person who has a negative base price adjustment under section EW 31(4) for a financial arrangement is allowed a deduction for an amount of the negative base price adjustment up to the maximum of their amount of self-remission for the financial arrangement.

(2)

In section DB 11, list of defined terms, insert “self-remission”.

(3)

Subsection (1) applies for income years beginning on or after 1 April 2011.