(1) This section shall apply to a loan to an individual to defray money applied -
(a) in purchasing a share in a partnership,
(b) in contributing money to a partnership by means of capital or a premium, or in advancing money to the partnership, where the money contributed or advanced is used wholly and exclusively for the purposes of the trade or profession carried on by the partnership, or
(c) in paying off another loan where relief could have been obtained under this section for interest on that other loan if it had not been paid off (on the assumption, if the loan was free of interest, that it carried interest).
(2) Relief shall be given in respect of any payment of interest by the individual on the loan if -
(a) throughout the period from the application of the proceeds of the loan until the interest was paid the individual has personally acted in the conduct of the trade or profession carried on by the partnership as a partner therein, and
(b) the individual shows that in that per
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