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Relief for interest paid on certain home loans.
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14.— As respects the year of assessment 2009 and subsequent years of assessment, section 244 of the Principal Act is amended—
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(a) in subsection (2), by substituting the following for paragraph (a):
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“(a) In this subsection ‘appropriate percentage’, in relation to a year of assessment, means—
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(i) where relievable interest is determined by reference to paragraph (i) or (ii) of the definition of ‘relievable interest’, 15 per cent for that year,
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(ii) where relievable interest is determined by reference to paragraph (iii) or (iv) of the definition of ‘relievable interest’:
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(I) 25 per cent for the first and second years of assessment for which there is an entitlement to relief under this section,
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(II) 22.5 per cent for the third, fourth and fifth years of assessment for which there is an entitlement to relief under this section, and
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(III) a percentage equal to the standard rate of tax for the sixth and seventh years of assessment for which there is an entitlement to relief under this section.”,
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(b) in subsection (1)(c) and (3)(a) by substituting “paragraph” for “subparagraph” in each place where it occurs.
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