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These Regulations supplement sections 26 and 27 and Schedule 7 to the Finance Act 1982, and the Principal Regulations, which provide for a new scheme for giving tax relief on payments of mortgage interest. From April 1983, or in some cases earlier, a person who pays certain categories of loan interest on which tax relief is due will normally be entitled to deduct and retain out of it a sum equal to income tax at the basic rate and the Inland Revenue will pay to the lender the amount of the deduction made.
Regulation 1 gives the title and commencement date and Regulation 2 defines terms used.
Regulations 3 and 6 bring certain personal representatives and trustees within the scheme as qualifying borrowers.
Regulations 4 and 5 amend the Principal Regulations and provide for the commencement of the tax deduction scheme for certain loans.
Regulation 7 provides procedures by which borrowers may recover from the Inland Revenue amounts of relief to which they are entitled but which they have not been able to deduct from their loan interest by reason of the circumstances described.
Regulation 8 provides an extension of four months to the annual claim period during which lenders may recover from the Inland Revenue amounts deducted by borrowers.
Regulation 9 extends the standard appeal procedures for borrowers against decisions of the Inland Revenue on the claims provided for by Regulation 7.
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