# Income and Corporation Taxes Act 1988, Paragraph 7

Extent: E+W+S+N.I.

Section 160(1) does not apply to a loan in any year—
(a) for 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.

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Source: https://www.legislation.gov.uk/ukpga/1988/1/schedule/7/paragraph/7 (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-7/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.