Section 399B Property partnerships: tax reduction for non-deductible loan interestF1

(1)

Subsections (2) and (3) apply if for a tax year an individual would be given relief for an amount (“the relievable amount”) by section 383(1) but for section 399A.

(2)

The individual is entitled to relief under this section for the tax year in respect of the relievable amount.

(3)

The amount of the relief is given by—F2

B R \times the relievable amount

where F3PBR is the F4property basic rate of income tax for the year.

Annotations

Textual amendments

F1: Ss. 399A, 399B inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), s. 24(7)
F2: S. 399B(3) formula: “PBR” substituted for “BR” (for the tax year 2027-28 and subsequent tax years) by Finance Act 2026 (c. 11), s. 6(8), Sch. 1 para. 21(a)
F3: Word in s. 399B(3) substituted (for the tax year 2027-28 and subsequent tax years) by Finance Act 2026 (c. 11), s. 6(8), Sch. 1 para. 21(a)
F4: Words in s. 399B(3) substituted (for the tax year 2027-28 and subsequent tax years) by Finance Act 2026 (c. 11), s. 6(8), Sch. 1 para. 21(b)