Part III Income Tax, Corporation Tax and Capital Gains Tax

Chapter II Other provisions

Other relieving provisions

83 Relief for interest on loans to buy annuities.

1

In section 365(3) of the Taxes Act 1988 (loans to buy annuities)—

a

for the words “the qualifying maximum for the year of assessment", in the first place where they occur, there shall be substituted the words “ the sum of £30,000 ”; and

b

for those words, in the second place where they occur, there shall be substituted the words “ that sum ”.

F12

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

In section 369(1A) of that Act (deductible percentage where interest payable under deduction of tax), for the words from “the percentage" to the end there shall be substituted “ 23 per cent. ”.

4

This section has effect in relation to payments of interest made on or after 6th April 2000.