26 Relief for finance costs related to residential property businesses
Finance Act 2016 (2016 c 24) | Legislation

26  Relief for finance costs related to residential property businesses

(1)     In ITTOIA 2005, for sections 274A and 274B and the preceding italic heading (tax reductions for non-deductible costs of dwelling-related loans: individuals, and accumulated or discretionary trust income) substitute—

“Tax reductions for non-deductible costs of a dwelling-related loan

274A Reduction for individuals: entitlement

(1)     If for a tax year an individual has—

(a)     a relievable amount in respect of a property business, or

(b)     two or more relievable amounts each in respect of a different property business,

the individual is entitled to relief under this section for that year in respect of that relievable amount or (as the case may be) each of those relievable amounts.

(2)     An individual has a relievable amount for a tax year in respect of a property business if for that year the individual has any one or more of the following in respect of that business—

(a)     a current-year amount;

(b)     a current-year estate amount;

(c)     a brought-forward amount.

(3)     An individual's relievable amount for a tax year in respect of a property business is the total of—

(a)     the individual's current-year amount (if any) for that year in respect of that

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