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Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.
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9.— As respects the year of assessment 2012 and subsequent years of assessment, section 244 of the Principal Act is amended—
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(a) in subsection (1)(a), in the definition of “relievable interest”, by substituting “31 December 2012” for “31 December 2011”,
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(b) in subsection (1A) by substituting the following for paragraph (b):
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“(b) Notwithstanding paragraph (a), this section shall continue to apply for the year of assessment 2010 and subsequent years of assessment up to and including the year of assessment 2017 in respect of qualifying interest paid in respect of a qualifying loan taken out on or after 1 January 2004 and on or before 31 December 2012.”,
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(c) in subsection (1A)(c)(i) by substituting “paragraph (b)” for “paragraph (b)(i) or (ii)”,
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(d) in subsection (2)(a)(i) by substituting “subsection (1A)(b)” for “subsection (1A)(b)(i)”, and
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(e) in subsection (2)(a) by substituting the following for sub-paragraph (ii):
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“(ii) notwithstanding subparagraph (i), 30 per cent for the year of assessment 2012 and subsequent years of assessment up to and including the year of assessment 2017 as respects qualifying interest paid on a qualifying loan taken out on or after 1 January 2004 and on or before 31 December 2008 to purchase an individual’s—
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(I) first qualifying residence, or
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(II) second or subsequent qualifying residence but only where the first qualifying residence was purchased on or after 1 January 2004.”.
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