Finance Act, 1993
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Amendment of section 11 (restriction of relief to individuals on loans applied in acquiring shares in companies) of Finance Act, 1990. |
6.— Section 11 of the Finance Act, 1990 , is hereby amended by the substitution of the following section for section 11: | |
“11.—Notwithstanding the provisions of section 34 of the Finance Act, 1974 , and section 8 of the Finance Act, 1978 , relief shall not be given under the said section 34 or the said section 8 in respect of any payment of interest on any loan applied in acquiring shares issued— | ||
(a) on or after the 20th day of April, 1990 (being shares forming part of the ordinary share capital of a company) if a claim for relief under Chapter III of Part I of the Finance Act, 1984 , is made in respect of the amount subscribed for those shares, or | ||
(b) on or after the 6th day of May, 1993 (being shares forming part of the ordinary share capital of a company) if a claim for relief under section 35 (as amended by the Finance Act, 1993) of the Finance Act, 1987 , is made in respect of the amount subscribed for those shares.”. |