Income Tax Act 2007 (c. 3)

Part 8 U.K. Other reliefs

Chapter 1 U.K. Interest payments

Loans for investing in partnerships U.K.

[F1 399B Property partnerships: tax reduction for non-deductible loan interest U.K.

(1) Subsections (2) and (3) apply if for a tax year an individual would be given relief for an amount (“the relievable amount”) by section 383(1) but for section 399A.

(2) The individual is entitled to relief under this section for the tax year in respect of the relievable amount.

(3) The amount of the relief is given by—

where BR is the basic rate of income tax for the year.]

Textual Amendments

F1 Ss. 399A, 399B inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), s. 24(7)