Finance Act 2014 (c. 26)

PART 1 U.K. Income tax, corporation tax and capital gains tax

CHAPTER 2 U.K. Income tax: general

Exemptions and reliefs U.K.

14 Relief for loan interest: loan to buy interest in employee-controlled company U.K.

(1) In section 397 of ITA 2007 (eligibility requirements for interest on loans within section 396), for subsection (2)(a) substitute—

“(a) an unquoted company that is resident in the United Kingdom or another EEA state and is not resident outside the European Economic Area, and”.

(2) The amendment made by this section has effect in relation to interest paid in the tax year 2014-15 or any subsequent tax year.