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Finance Act 2009 (No. 12)Introductory TextActs Referred toPart 1 Income Levy, Income Tax, Corporation Tax and Capital Gains Tax (ss. 1-14)Chapter 1 Interpretation (s. 1)1. Interpretation (Part 1).Chapter 2 Income Levy (s. 2)2. Income levy.Chapter 3 Income Tax (ss. 3-6)3. Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.4. Amendment of section 244A (application of section 244) of Principal Act.5. Amendment of section 97 (computational rules and allowable deductions) of Principal Act.6. Income tax: treatment of profits or gains and losses from dealing in residential development land.Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax (ss. 7-10)7. Amendment of section 372AW (interpretation, applications for approval and certification) of Principal Act.8. Capital allowances for certain health-related facilities.9. Amendment of Part 8 (annual payments, charges and interest) of Principal Act.10. Life assurance policies and investment funds.Chapter 5 Corporation Tax (ss. 11-13)11. Corporation tax: treatment of profits or gains and losses from dealing in residential development land.12. Amendment of section 626B (exemption from tax in the case of gains on certain disposals of shares) of Principal Act.13. Intangible assets, etc.Chapter 6 Capital Gains Tax (s. 14)14. Capital gains: rate of charge.Part 2 Excise (ss. 15-19)15. Rates of mineral oil tax.16. Rates of tobacco products tax.17. Betting duty.18. Air travel tax.19. Amendment of section 135B (repayment of amounts in respect of vehicle registration tax in certain cases) of Finance Act 1992.Part 3 Value-Added Tax (ss. 20-22)20. Interpretation (Part 3).21. Amendment of section 7 (waiver of exemption) of Principal Act.22. Amendment of section 7B (transitional measures: waiver of exemption) of Principal Act.Part 4 Stamp Duties (ss. 23-26)23. Interpretation (Part 4).24. Exchange of houses.25. Amendment of section 101 (intellectual property) of Principal Act.26. Amendment of Part 9 (levies) of Principal Act.Part 5 Capital Acquisitions Tax (s. 27)27. Amendment of Schedule 2 (computation of tax) to Capital Acquisitions Tax Consolidation Act 2003.Part 6 Miscellaneous (ss. 28-32)28. Interpretation (Part 6).29. Interest on certain overdue tax.30. Miscellaneous technical amendments in relation to tax.31. Care and management of taxes and duties.32. Short title, construction and commencement.
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 3 June 2009 - onwards

3. Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.

As respects the year of assessment 2009 and subsequent years of assessment, section 244 of the Principal Act is amended by inserting the following after subsection (1) -

"(1A)

(a) This section shall not apply as respects interest paid on or after 1 May 2009.

(b) Notwithstanding paragraph (a), this section shall continue to apply-

(i) as respects the first 7 years of assessment for which an individual has an entitlement to relief under this section in respect of qualifying interest determined by reference to paragraph (iii) or (iv) of the definition of 'relievable interest', and

(ii) as respects a period not exceeding 7 years of assessment for which an individual has an entitlement to relief under this section in respect of qualifying interest in relation to a qualifying loan.

(c)

(i) Paragraph (b) shall not apply in respect of qualifying interest attributable to that part of a qualifying loan used to repay another qualifying loan (in this paragraph referred to as an 'existing qualifying loan') unless the qualifying interest on that existing qualifying loan would, had the existing qualifying loan not been repaid, have been interest referred to in paragraph (b)(i) or (ii).

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