# Income Tax Act 2007, Paragraph 62


(1) Amend section 353 (relief for payments of interest: general) as follows.
(2) In subsection (1)—
(a) omit “sections 359 to 368 of this Act and”, and
(b) for “sections 359 to 365” substitute “ section 365 ”.
(3) For subsection (1A) substitute—
“(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.
(1AA) The amount of the tax reduction is 23% of the amount of the interest.
(1AB) The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.”
(4) Omit subsection (1B).
(5) In subsection (1E)—
(a) omit “under this section”,
(b) for “subsection (1B) above” substitute “ section 383 of ITA 2007 (relief for interest payments) ”,
(c) for “those subsections” substitute “ those provisions ”, and
(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 ”.
(6) Omit subsections (1F) to (1H).

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Source: https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/62 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/schedule-1/paragraph-62
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.