Part IIIncome Tax, Corporation Tax and Capital Gains Tax
Chapter IGeneral
Interest
47Close company loans: business expansion scheme
In section 360 of the Taxes Act 1988 (loans to buy interest in close company), after subsection (3) there shall be inserted—
3A
Interest shall not be eligible for relief under section 353 by virtue of paragraph (a) of subsection (1) above in respect of shares acquired on or after 14th March 1989 if at any time the person by whom they are acquired, or that person’s husband or wife, makes a claim for relief in respect of them under Chapter III of Part VII.