SolvedSchedule 9 | Mortgage interest relief etc.
From legislation.gov.uk
The Taxes Act 1988
(1)RepealedF1
(2)RepealedF2
(3)Subsections (4) and (5) of section 353 of the Taxes Act 1988 (restriction of relief to basic rate tax) shall cease to have effect.
(4)RepealedF3
(5)RepealedF4
(6)RepealedF5
(1)RepealedF6
(2)RepealedF7
(3)RepealedF7
(4)RepealedF7
(8)RepealedF8
(9)RepealedF9
(1)In subsection (2) of section 370 of the Taxes Act 1988 (conditions for interest to be treated as relevant loan interest)—
(a)after “section 353(2)” there shall be inserted “ and any other provision applying to interest falling to be treated as relevant loan interest ”; and
(b)for “from section 74(o) and, where applicable,” there shall be substituted “ (where applicable) from ”.
(2)RepealedF10
(11)In section 375(3) of the Taxes Act 1988 (liability of borrower for excess where deduction should not have been made), for the words from “entitles” to “been allowed” there shall be substituted “ shall be taken as regards the borrower as entitling him to any deduction or to retain any amount deducted and, accordingly, where any amount that has been deducted exceeds the amount which ought to have been deducted ”.
The Finance Act 1993 (c. 34)
(12)Subsection (7) of section 57 of the Finance Act 1993 (transitional provision for bridging loans made before 6th April 1991) shall cease to have effect.