SCHEDULES

SCHEDULE 4 U.K. Withdrawal of relief for interest on loans to buy land etc.

Amendments of Part IX of the Taxes Act 1988 U.K.

1 (1) Section 353 of the Taxes Act 1988 (general provision for relief for interest payments) is amended as follows. U.K.

(2) In subsection (1), for “sections 354”, in each place, substitute “ sections 359 ”.

(3) In subsections (1A) and (1B), omit the words “354 or”.

(4) For subsection (1G) substitute—

“(1G) In subsection (1F) above “the applicable percentage” means the percentage which is the basic rate for the year of assessment in question.”