Finance Act 1984

25 Self-employed persons living in job-related accommodation

(1) In paragraph 4A of Schedule 1 to the Finance Act 1974 (restrictions on relief for loans for purchase etc. of land: persons living in job-related accommodation) after sub-paragraph (3) there shall be inserted the following sub-paragraphs:—

“(3A) Subject to sub-paragraph (3B) below, living accommodation is also job-related for a person if, under a contract entered into at arm's length and requiring him or his spouse to carry on a particular trade, profession or vocation, he or his spouse is bound—

(a) to carry on that trade, profession or vocation on premises or other land provided by another person (whether under a tenancy or otherwise); and

(b) to live either on those premises or on other premises provided by that other person.

(3B) Sub-paragraph (3A) above does not apply if the living accommodation concerned is, in whole or in part, provided by—

(a) a company in which the borrower or his spouse has a material interest; or

(b) any person or persons together with whom the borrower or his spouse carries on a trade or business in partnership.”

(2) The amendment effected by subsection (1) above has effect—

(a) with respect to interest paid on or after 6th April 1983 ; and

(b) so far as (by virtue of section 101(8) of the [1979 c. 14.] Capital Gains Tax Act 1979) it relates to relief from tax on capital gains, with respect to residence on and after that date in living accommodation which is job-related within the meaning of the said paragraph 4A.