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Income Tax Act 2007
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386Loans partly meeting requirements
This section has no associated Explanatory Notes
(1)If, at the time a loan (“the mixed loan”) is used, only part of the mixed loan is a loan to which any of the provisions specified in section 383(2) apply, for the purposes of this Chapter that part (“the qualifying part”) is treated as a loan to which the provision in question applies.
(2)Accordingly, the corresponding proportion of the interest on the mixed loan is eligible for relief.
(3)If a mixed loan is partly repaid, for the purposes of this Chapter the corresponding proportion of the repayment is treated as repaying the qualifying part (but see section 406(5)).
(4)In this section “the corresponding proportion” means the proportion that the qualifying part bears to the whole of the mixed loan at the time the mixed loan is used.
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