Section 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 ”.

(2)Repealed^F1

(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.