Section 412H | Interaction with other reliefs

(1)Subsection (2) applies in relation to a loan if any person has obtained income tax relief (other than under this Chapter) which is properly attributable to the loan.

(2)The amount (if any) of the principal of the loan which is treated as irrecoverable may not exceed the amount which is arrived at by—

(a)taking the amount of the principal of the loan, and

(b)deducting the amount of the relief mentioned in subsection (1).