62(1)Amend section 353 (relief for payments of interest: general) as follows.U.K.
(2)In subsection (1)—
(a)omit “sections 359 to 368 of this Act and”, and
(b)for “sections 359 to 365” substitute “ section 365 ”.
(3)For subsection (1A) substitute—
“(1A)Where a person is entitled for a year of assessment to relief under this section in respect of an amount of interest which is eligible for relief by virtue of section 365, the relief is given as a tax reduction for that tax year.
(1AA)The amount of the tax reduction is 23% of the amount of the interest.
(1AB)The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.”
(4)Omit subsection (1B).
(5)In subsection (1E)—
(a)omit “under this section”,
(b)for “subsection (1B) above” substitute “ section 383 of ITA 2007 (relief for interest payments) ”,
(c)for “those subsections” substitute “ those provisions ”, and
(d)for the words from “and subsection (1A) or (1B)” to the end substitute “ and subsection (1A) above or section 383 of ITA 2007 shall apply accordingly to the case in which that subsection or section applies ”.
(6)Omit subsections (1F) to (1H).