SCHEDULES

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

Amendments of Part IX of the Taxes Act 1988

5

1

Section 370 of the Taxes Act 1988 (meaning of “relevant loan interest”) is amended as follows.

2

In subsection (1)—

a

for “sections 372” substitute “ sections 373 ”; and

b

omit the words “or (3)”.

3

In subsection (2), omit the words “354(1) or”, “356A, 357 or”, and paragraph (c) and the word “and” immediately before it.

4

Omit subsections (3), (4), (6) and (7).

5

In subsection (5), for the words from “sections” to “each” substitute “ section 365 shall ”.