24 Relief for finance costs related to residential property businesses
Finance (No 2) Act 2015 (2015 c 33) | Legislation

24  Relief for finance costs related to residential property businesses

(1)     ITTOIA 2005 is amended in accordance with subsections (2) to (6).

(2)     After section 272 insert—

“272A Restricting deductions for finance costs related to residential property

(1)     Where a deduction is allowed for costs of a dwelling-related loan in calculating the profits of a property business for the tax year 2017–18, the amount allowed to be deducted in respect of those costs in calculating those profits for income tax purposes is 75% of what would be allowed apart from this section.

(2)     Where a deduction is allowed for costs of a dwelling-related loan in calculating the profits of a property business for the tax year 2018–19, the amount allowed to be deducted in respect of those costs in calculating those profits for income tax purposes is 50% of what would be allowed apart from this section.

(3)     Where a deduction is allowed for costs of a dwelling-related loan in calculating the profits of a property business for the tax year 2019–20, the amount allowed to be deducted in respect of those costs in calculating those profits for income tax purposes is 25% of what would be allowed apart from this section.

(4)

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