{
  "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-7/paragraph-16",
  "json_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-7/paragraph-16.json",
  "legislation": "ukpga/1988/1",
  "legislation_title": "Income and Corporation Taxes Act 1988",
  "legislation_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988",
  "path": "schedule/7/paragraph/16",
  "kind": "paragraph",
  "number": "16",
  "heading": null,
  "text": "(1) Where, by virtue only of paragraph 15 above, paragraph 7, 8 or 9 above does not apply in the case of the employee in relation to a home loan in any year, there shall be treated as interest eligible for relief under section 353 by virtue of section 355(1)(a) in that year—\n(a) in a case where, apart from paragraph 15 above, paragraph 7 would have applied in relation to the home loan, an amount equal to the cash equivalent of the benefit of that loan in that year, apart from paragraph 7, or\n(b) in a case where, apart from paragraph 15 above, paragraph 8 or 9 would have applied in relation to the home loan, an amount equal to the difference between—\n(i) the cash equivalent of the benefit of the home loan in that year, apart from paragraphs 8 and 9, and\n(ii) what the cash equivalent of the benefit of the home loan would have been in that year, apart from paragraph 15 above,\nbut subject to the following provisions of this paragraph.\n(2) In the application of section 353 by virtue of this paragraph—\n(a) the amount that falls to be treated as mentioned in sub-paragraph (1) above shall be taken to fall within paragraph (a) of subsection (1) of that section; and\n(b) subsections (2) and (3) of that section shall be disregarded in relation to that amount.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 7 paras. 13-19 added (for the year 1991-92 and subsequent years of assessment) by Finance Act 1991 (c. 31, SIF 63:1), s. 27(4), Sch. 6 para.5"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1988/1/schedule/7/paragraph/16",
    "retrieved_at": "2026-10-29T09:49:54.309394+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}