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)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Motor claims in the Portal—a practical guide (Stage 1)

Motor claims in the Portal—a practical guide (Stage 1)The Pre-Action Protocol for Low Value Personal Injury Claims in Road Traffic Accidents—30 April 2013 onwardsSTOP PRESS: A new RTA small claims protocol for whiplash claims comes into effect for accidents occurring on or after 31 May 2021. The

LEXISNEXIS

Third party rights—the common law doctrine of privity of contract

Third party rights—the common law doctrine of privity of contractThis Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the

LEXISNEXIS

Subrogation in insurance and reinsurance

Subrogation in insurance and reinsuranceWhat is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the (re)insured, to ‘step into its shoes’ to bring an action in the (re)insured’s name. For the purpose

LEXISNEXIS

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is (a) on long-term sickness absence and has exhausted his entitlement to sick pay, or (b) has been dismissed summarily without notice?The amendments to sections 402 to 404 of the Income Tax