SCHEDULES

SCHEDULE 4 Withdrawal of relief for interest on loans to buy land etc.

Other amendments

15

1

Section 488 of the Taxes Act 1988 (tax liability of co-operative housing associations) is amended as follows.

2

In subsection (1)—

a

in paragraph (b), for the words from “as payable not” to “relates; and” substitute “ in relation to the association as if there were no interest so payable ”; and

b

omit paragraph (c).

3

In subsection (2), omit paragraph (b) and the word “and” immediately preceding it.

4

In subsection (4), omit the words “a member or of”.

5

In subsection (11A), for “all persons concerned” substitute “ the association ”.

6

Omit subsection (12).