PART IIIIncome Tax, Corporation Tax and Capital Gains Tax
CHAPTER IGeneral
25Relief for interest
(1)
In sub-paragraph (1) of paragraph 5 of Schedule 1 to the M1Finance Act 1974 (limit on relief for interest on certain loans for the purchase or improvement of land) the references to £25,000 shall have effect for the year 1982-83 as well as for previous years of assessment.
(2)
At the end of that paragraph there shall be added the following sub-paragraph—
“(6)
In determining whether the amount on which interest is payable under a loan exceeds the limit in sub-paragraph (1) above, no account shall be taken of so much (if any) of that amount as consists of interest which has been added to capital and does not exceed £1,000.”