25Self-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.