Section 178 Exception for loans where interest qualifies for tax relief

is eligible for relief under section 353 of ICTA F1or section 383 of ITA 2007 (relief for interest payments),

would be eligible for relief under F2section 353 of ICTA but for the fact that it is a payment of relevant loan interest to which section 369 of ICTA applies (mortgage interest payable under deduction of tax),

is deductible in computing the amount of the profits to be charged F3to tax in respect of a trade, profession or vocation carried on F4wholly or partly in the United Kingdom by the person to whom the loan is made, or

is deductible in computing the amount of the profits to be charged F5to tax in respect of a UK property business F6(within the meaning of Chapter 2 of Part 3 of ITTOIA 2005 or Chapter 2 of Part 4 of CTA 2009) carried on by that person.