369 Mortgage interest payable under deduction of tax
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

Mortgage interest relief at source

369  Mortgage interest payable under deduction of tax

(1)     If a person who is a qualifying borrower makes a payment of relevant loan interest to which this section applies, he shall be entitled, on making the payment, to deduct and retain out of it a sum equal to [the applicable percentage thereof].

[(1A)     In subsection (1) above “the applicable percentage” means [23 per cent].]

(2)     Where a sum is deducted under subsection (1) above from a payment of relevant loan interest—

(a)     the person to whom the payment is made shall allow the deduction on receipt of the residue;

(b)     the borrower shall be acquitted and discharged of so much money as is represented by the deduction as if the sum had been actually paid; and

(c)     the sum deducted shall be treated as income tax paid by the person to whom the payment is made.

[(3)     The following

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