As respects the year of assessment 2000-2001 and subsequent years of assessment, section 244 of the Principal Act is amended -

(a) in subsection (1) -

(i) by the substitution of the following for the definition of "dependent relative":

"'dependent relative', in relation to an individual, means any of the persons mentioned in paragraph (a) or (b) of the definition of 'dependent relative' in section 466(1) in respect of whom the individual is entitled to a reduction of tax under that section;",

(ii) by the substitution of the following for the definition of "relievable interest":

"'relievable interest', in relation to an individual and a year of assessment, means -

(i) in the case of -

(I) an individual assessed to tax for the year of assessment in accordance with section 1017, or

(II) a widowed individual,

the amount of qualifying interest paid by the individual in the year of assessment or, if less, £4,000,

(ii) in the case of any other individual, the amount of qualifying interest paid by the individual in the year of assessment or, if less, £2,000,

but, notwithstanding the preceding provisions of this definition and subject to paragraph (c), as respects the first 5 years of assessment for which there is an entitlement to relief under this section in respect of a qualifying loan, 'relievable interest', in relation to an individual and a year of assessment, shall mean -