Finance Act, 1974
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Aggregation of interest paid by connected persons. |
38.—(1) In relation to connected persons the references in section 496 (2) of the Income Tax Act, 1967 , and sections 44 and 52 to £500 and £2,000 shall in the case of each such person be taken to be references to the proportion of £500 or £2,000, as the case may be, which the interest paid by that person bears to the aggregate of the interest paid by all the connected persons. | |
(2) For the purposes of this section a person is connected with an individual if that person is the individual's husband or wife and a company shall be regarded as connected with an individual or with another company if it would be so regarded for the purposes of section 16 of the Finance (Miscellaneous Provisions) Act, 1968 . |