{
  "url": "https://openlegislation.uk/income-tax-act-2007/schedule-1/paragraph-62",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/schedule-1/paragraph-62.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "schedule/1/paragraph/62",
  "kind": "paragraph",
  "number": "62",
  "heading": null,
  "text": "(1) Amend section 353 (relief for payments of interest: general) as follows.\n(2) In subsection (1)—\n(a) omit “sections 359 to 368 of this Act and”, and\n(b) for “sections 359 to 365” substitute “ section 365 ”.\n(3) For subsection (1A) substitute—\n“(1A) Where a person is entitled for a year of assessment to relief under this section in respect of an amount of interest which is eligible for relief by virtue of section 365, the relief is given as a tax reduction for that tax year.\n(1AA) The amount of the tax reduction is 23% of the amount of the interest.\n(1AB) The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.”\n(4) Omit subsection (1B).\n(5) In subsection (1E)—\n(a) omit “under this section”,\n(b) for “subsection (1B) above” substitute “ section 383 of ITA 2007 (relief for interest payments) ”,\n(c) for “those subsections” substitute “ those provisions ”, and\n(d) for the words from “and subsection (1A) or (1B)” to the end substitute “ and subsection (1A) above or section 383 of ITA 2007 shall apply accordingly to the case in which that subsection or section applies ”.\n(6) Omit subsections (1F) to (1H).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    },
    {
      "type": "repealed",
      "affecting": "ukpga/2012/14",
      "affecting_title": "Finance Act 2012"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/62",
    "retrieved_at": "2026-10-29T09:13:03.599581+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."
}