Section 272B | Meaning of “costs of a dwelling-related loan” ^F1

(1)Subsections (2) to (5) apply for the purposes of section 272A.^F1

(2)“Dwelling-related loan”, in relation to a property business, means so much of an amount borrowed for purposes of the business as is referable (on a just and reasonable apportionment) to so much of the business as is carried on for the purpose of generating income from—^F1F2

(a)land consisting of a dwelling-house or part of a dwelling-house, or^F1

(b)an estate, interest or right in or over land within paragraph (a),^F1

but see subsection (3).

(3)Anything that in the course of a property business is done for creating (by construction or adaptation) a dwelling-house, or part of a dwelling-house, from which income is to be generated is, for the purposes of subsection (2), to be treated as done for the purpose mentioned in that subsection.^F1

(4)Repealed^F3F1

(5)“Costs”, in relation to a dwelling-related loan, means—^F1

(a)interest on the loan,^F1

(b)an amount in connection with the loan that, for the person receiving or entitled to the amount, is a return in relation to the loan which is economically equivalent to interest, or^F1

(c)incidental costs of obtaining finance by means of the loan.^F1

(6)Section 58(2) to (4) (meaning of “incidental costs of obtaining finance”) apply for the purposes of subsection (5)(c).^F1

(7)A reference in this section to a “dwelling-house” includes any land occupied or enjoyed with it as its garden or grounds.^F1