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The Income Tax (Interest Relief) (Housing Associations) (Amendment) Regulations 1996
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- 1996 No. 2616
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Income Tax (Interest Relief) (Housing Associations) Regulations 1988 (S.I. 1988/1347, amended by S.I. 1995/1212) (“the principal Regulations”).
The principal Regulations make modifications to certain provisions of the Income and Corporation Taxes Act 1988 (“the Taxes Act”) relating to mortgage interest relief at source (“MIRAS”) in connection with payments of interest by housing associations and self-build societies on home loans.
These Regulations make an amendment to regulation 4 of the principal Regulations (“regulation 4”) which modifies section 369(1) of the Taxes Act. The amendment results from the introduction of the legislation relating to loan relationships in Chapter II of Part IV of the Finance Act 1996 and from changes made by the Finance Act 1996 to sections 337(3) and 338 of the Taxes Act which have, accordingly, ceased to be relevant for the purposes of regulation 4.
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