SCHEDULES
SCHEDULE 4 Withdrawal of relief for interest on loans to buy land etc.
Amendments of Part IX of the Taxes Act 1988
4
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.