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(1)In paragraph 5 of Schedule 1 to the Finance Act 1974 (1imit on relief for interest on certain loans for the purchase or improvement of land)—
(a)in sub-paragraph (1), for the words from " that is to say" to " reduced" there shall be substituted the words " that is to say, the qualifying maximum for the year of assessment, reduced "; and
(b)in paragraph (b) of that sub-paragraph, for the words from " below " to " more " there shall be substituted the words " below is equal to or exceeds the qualifying maximum for the year of assessment "; and
(c)after that sub-paragraph there shall be inserted the following sub-paragraph:—
“(1A)In this Schedule references to the qualifying maximum for any year of assessment are references to such sum as Parliament may determine for the purpose for that year.”
(2)In paragraph 6 of that Schedule (continuing relief for an existing home loan where the borrower raises a new loan to purchase another home in which he takes up residence) after sub-paragraph (1) there shall be inserted the following sub-paragraph:—
“(1A)Where Part I of Schedule 9 to the [1972 c. 41.] Finance Act 1972 continues to apply to a loan by virtue of sub-paragraph (1)(a) above, paragraph 5 above shall also continue to have effect in relation to the loan as if that Part applied to it by virtue of paragraph 4(1)(a) above.”
(3)In paragraph 24 of that Schedule (loans to purchase life annuities), in sub-paragraph (3), for the amounts of money there specified (which, by virtue of section 3(2) of the [1983 c. 49.] Finance (No. 2) Act 1983, are £30,000 for the year 1983-84) there shall be substituted in both places the words " the qualifying maximum for the year of assessment ".
(4)For the year 1984-85 the qualifying maximum referred to in paragraphs 5(1) and 24(3) of Schedule 1 to the [1974 c. 30.] Finance Act 1974 shall be £30,000.
(5)Subsections (1) to (3) above have effect with respect to the year 1984-85 and subsequent years of assessment
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