Income Tax Act 2007 (c. 3)

Part 8 U.K. Other reliefs

[F1 CHAPTER 1A U.K. Irrecoverable peer-to-peer loans

Textual Amendments

F1 Pt. 8 Ch. 1A inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 32(2)

Supplementary provisions U.K.

412H Interaction with other reliefs U.K.

(1) Subsection (2) applies in relation to a loan if any person has obtained income tax relief (other than under this Chapter) which is properly attributable to the loan.

(2) The amount (if any) of the principal of the loan which is treated as irrecoverable may not exceed the amount which is arrived at by—

(a) taking the amount of the principal of the loan, and

(b) deducting the amount of the relief mentioned in subsection (1).]