1(1)Section 353 of the Taxes Act 1988 (general provision for relief for interest payments) is amended as follows.U.K.
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)In subsections (1A) and (1B), omit the words “354 or”.
F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 4 para. 1(2) repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22)
F2Sch. 4 para. 1(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F32U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 4 para. 2 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
3(1)Section 367 of the Taxes Act 1988 (supplementary provisions) is amended as follows.U.K.
F4(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)In subsection (5), for “sections 356A to 357 and” substitute “ section ”.
Textual Amendments
F4Sch. 4 para. 3(2) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
F5Sch. 4 para. 3(3) repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22)
4U.K.In section 369 of the Taxes Act 1988 (mortgage interest payable under deduction of tax), for subsection (1A) substitute—
“(1A)In subsection (1) above “the applicable percentage” means the percentage which is the basic rate for the year of assessment in which the payment has become or becomes due.”
5(1)Section 370 of the Taxes Act 1988 (meaning of “relevant loan interest”) is amended as follows.U.K.
(2)In subsection (1)—
(a)for “sections 372” substitute “ sections 373 ”; and
F6(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)In subsection (5), for the words from “sections” to “each” substitute “ section 365 shall ”.
Textual Amendments
F6Sch. 4 para. 5(2)(b) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
F7Sch. 4 para. 5(3) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
F8Sch. 4 para. 5(4) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
F96U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F9Sch. 4 para. 6 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
7(1)Section 373 of the Taxes Act 1988 (loans in excess of the qualifying maximum, and joint borrowers) is amended as follows.U.K.
F10(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)In subsection (6), for “sections 370 to 372” substitute “ section 370 ”.
Textual Amendments
F10Sch. 4 para. 7(2) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
F118U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F11Sch. 4 para. 8 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
9(1)In section 375 of the Taxes Act 1988 (interest ceasing to be relevant loan interest, etc.), after subsection (8A) insert—U.K.
“(8B)Subsections (1), (5) and (6) above shall not apply where interest ceases to be relevant loan interest by virtue of section 38 of the Finance Act 1999.”
F12(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F12Sch. 4 para. 9(2) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
F1310U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F13Sch. 4 para. 10 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
F1411U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F14Sch. 4 para. 11 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
F1512U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F15Sch. 4 para. 12 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
13U.K.In section 378 of the Taxes Act 1988 (supplementary regulations)—
F16(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)in subsection (3), for “377”, wherever occurring, substitute “ 376A ”.
Textual Amendments
F16Sch. 4 para. 13(a) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
14U.K.In section 379 of the Taxes Act 1988 (interpretation of sections 369 to 378)—
F17(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F17(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)after the definition of “relevant loan interest” insert the following definition—
““separated” means separated under an order of a court of competent jurisdiction or by deed of separation or in such circumstances that the separation is likely to be permanent.”
Textual Amendments
F17Sch. 4 para. 14(a)(b) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1