OpenLegislation

Paragraph 23 I1

Northern Ireland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Any income derived from capital to which the claimant is, or is treated under regulation 115 (capital jointly held) as, beneficially entitled but, subject to sub-paragraph (2), not income derived from capital disregarded under paragraph 1, 2, 4 to 8, 11 or 17 of Schedule 7.

(2)

Income derived from capital disregarded under paragraph 2 or 4 to 8 of Schedule 7 but only to the extent of—

(a)

any mortgage repayments made in respect of the premises or land in the period during which that income accrued, or

(b)

any rates which the claimant is liable to pay in respect of the premises or land and which are paid in the period during which that income accrued.

(3)

Where income is derived from conacre or agistment letting any expenses reasonably incurred thereon including the repayment of interest and capital on any loan used for the purchase of land under the Northern Ireland Land Act 1925f1.

Annotations

Commencement

I1

Sch. 6 para. 23 in operation at 7.10.1996, see reg. 1(1)

Footnotes

f1

1925 c. 24