Finance Act, 1983

Amendment of section 496 (repayment for interest paid to banks, discount houses, etc.) of Income Tax Act, 1967.

10.Section 496 of the Income Tax Act, 1967 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment, in subsection (2A) (inserted by the Finance Act, 1980 )—

(a) by the substitution of “the 6th day of April, 1983” for “the 6th day of April, 1980”, and

(b) by the substitution of “£4,000” for “£4,800”, of “£2,900” for “£3,500” and of “£2,000” for “£2,400”,

and the said subsection (2A), as so amended, is set out in the Table to this section.


(2A) In relation to any interest paid in respect of any period beginning on or after the 6th day of April, 1983, notwithstanding the provisions of subsection (1), no repayment of tax shall be made under this section for any year of assessment—

(a) in the case of a husband, who is assessed to tax for the year of assessment in accordance with the provisions of section 194, on the excess of the interest over £4,000,

(b) in the case of a widowed person, on the excess of the interest over £2,900, or

(c) in any other case, on the excess of the interest over £2,000.