{
  "url": "https://openlegislation.uk/income-tax-act-2007/section-384B",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/section-384B.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "section/384B",
  "kind": "section",
  "number": "384B",
  "heading": "Restriction on relief where cash basis applies",
  "text": "(1) Relief is not to be given under this Chapter for a tax year for interest paid by a person on a relevant loan if the partnership to which the loan relates carried on a UK property business or overseas property business the profits of which are calculated on the cash basis for the tax year (see section 271D of ITTOIA 2005).\n(2) A loan is a “relevant loan” if—\n(a) it is a loan to which section 388 applies (loan to buy plant or machinery for partnership use), or\n(b) it is a loan to which section 398 applies (loan to invest in partnership) and which is not used for purchasing a share in a partnership.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 384B inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 55(3)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 384B(1) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 8(b)(i), 47 (with Sch. 10 paras. 48-50)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 384B(1) inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 63"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 384B(1) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 8(b)(ii), 47 (with Sch. 10 paras. 48-50)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/section/384B",
    "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."
}