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The Tax Credits (Definition and Calculation of Income) (Amendment) Regulations 2017
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- UK Statutory Instruments
- 2017 No. 396
- Regulation 5
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Amendment of the Tax Credits (Definition and Calculation of Income) Regulations 2002
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5. In regulation 11 (property income) after paragraph (2)(1) insert—
“(2A) In calculating property income, the restrictions in section 272A of ITTOIA (restricting deductions for finance costs related to residential property)(2) and section 399A of ITA (property partnerships: restriction of relief for investment loan interest)(3) shall be disregarded.”.
(1)
Paragraph 2 was inserted by regulation 15 of S.I. 2006/766.
(2)
2005 c. 5. Section 272A was inserted by section 24 of the Finance (No. 2) Act 2015 (c. 33). “ITTOIA” is defined in regulation 2 of the principal Regulations as meaning the Income Tax (Trading and Other Income) Act 2005. The definition was inserted by regulation 7 of S.I. 2006/766.
(3)
2007 c. 3. Section 399A was inserted by section 24 of the Finance (No. 2) Act 2015. “ITA” is defined in regulation 2 of the principal Regulations as meaning the Income Tax Act 2007 (c. 3). The definition was inserted by regulation 3 of S.I. 2007/1305.
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