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).