Paragraph 7
United Kingdom
Section 160(1) does not apply to a loan in any year—
(a)
M1for which interest is paid on the loan and the whole of that interest is eligible for relief, or
(b)
for which no interest is paid on the loan but had interest been paid on it at the official rate the whole of that interest would have been eligible for relief.
Annotations
Marginal citations
- M1
Source—1976 Sch.8 9, 10, 11
Notes on Schedule 7
Textual amendments
- F1
Schs. 6, 6A, 7, 7A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 paras. 110, 111, Sch 8 Pt. 1 (with Sch. 7)
Notes on Part III
Textual amendments
- F1
Sch. 7 Pts. 3-5 repealed (with effect in accordance with s. 88(5)(6) of the repealing Act) by Finance Act 1994 (c. 9), s. 88(4)(b), Sch. 26 Pt. 5(5), Note