Income Tax Act 2007 (c. 3)

Part 8 U.K. Other reliefs

Chapter 1 U.K. Interest payments

The relief: introduction U.K.

384 General restrictions on relief under Chapter U.K.

(1) Relief is not to be given under this Chapter for interest on a debt incurred—

(a) by overdrawing an account, or

(b) by debiting the account of any person as the holder of a credit card or under similar arrangements.

(2) If interest is paid at a rate in excess of a reasonable commercial rate, relief is not to be given under this Chapter for so much of the interest as represents the excess.