SCHEDULES
SCHEDULE 9 Mortgage interest relief etc.
The Taxes Act 1988
F91
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F12
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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.
F24
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F35
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F46
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7
F51
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F62
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F63
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F64
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F78
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9
In section 368(1) of the Taxes Act 1988 (interest in respect of which relief given not allowable as deduction for any other purpose), for “for any other purpose of the Income Tax Acts” there shall be substituted “
for any purpose of the Income Tax Acts except so far as it is so allowable in accordance with subsection (1B) of that section.
”
10
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
”
.
F82
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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
”
.