Paragraph 3 ITA 2007

United Kingdom

(1)

ITA 2007 is amended as follows.

(2)

In section 117 (overview of Chapter 4 of Part 4) omit subsections (2) and (2A).

(3)

Omit—

(a)

section 127 (UK furnished holiday lettings business treated as trade),

(b)

section 127ZA (EEA furnished holiday lettings business treated as trade), and

(c)

the italic heading before those sections.

(4)

In section 388 (loan to buy plant or machinery for partnership use)—

(a)

in subsection (2)(a) omit “ordinary”;

(b)

in subsection (4), for ““ordinary property business”” substitute ““property business””.

(5)

In section 389 (eligibility requirements for interest on loans), in subsection (4) omit “ordinary”.

(6)

In section 399A (property partnerships: restriction of relief for investment loan interest) omit subsection (9).

(7)

In section 836 (jointly held property), in subsection (3) omit exceptions D and DA.