SCHEDULE 4 Withdrawal of Relief for Interest on Loans to Buy Land etc
Finance Act 1999 (1999 c 16) | Legislation

SCHEDULE 4 Withdrawal of Relief for Interest on Loans to Buy Land etc

Section 38

Amendments of Part IX of the Taxes Act 1988

1

(1)     Section 353 of the Taxes Act 1988 (general provision for relief for interest payments) is amended as follows.

(2)     .Ìý.Ìý.

(3)     In subsections (1A) and (1B), omit the words “354 orâ€.

(4)     .Ìý.Ìý.

2

.Ìý.Ìý.

3

(1)     Section 367 of the Taxes Act 1988 (supplementary provisions) is amended as follows.

(2)     .Ìý.Ìý.

(3)     .Ìý.Ìý.

(4)     In subsection (5), for “sections 356A to 357 and†substitute “sectionâ€.

4

In section 369 of the Taxes Act 1988 (mortgage interest payable under deduction of tax), for subsection (1A) substitute—

“(1A)     In subsection (1) above “the applicable percentage†means the percentage which is the basic rate for the year of assessment in which the payment has become or becomes due.â€

5

(1)     Section 370 of the Taxes Act 1988 (meaning of “relevant loan interestâ€) is amended as follows.

(2)     In subsection (1)—

(a)     for “sections 372†substitute “sections 373â€; and

(b)     .Ìý.Ìý..

(3)     .Ìý.Ìý.

(4)     .Ìý.Ìý.

(5)     In subsection (5), for the words from “sections†to “each†substitute “section 365 shallâ€.

6

.Ìý.Ìý.

7

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