Part 8Other reliefs
Chapter 1Interest payments
Loans for investing in partnerships
398Loan to invest in partnership
1
This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2).
2
The ways are—
a
purchasing a share in a partnership,
b
contributing money to a partnership, by way of capital or premium, that is used wholly for the purposes of the trade or profession carried on by the partnership,
c
advancing money to a partnership that is so used, and
d
repaying another loan to which this section applies.
3
This section is subject to section 411 (ineligibility of interest where business is occupation of commercial woodlands).