Finance Act 2006
|
Computational rules and allowable deductions. |
11.— (1) The Principal Act is amended— | |
(a) in section 97 by inserting the following after subsection (2H) (inserted by Finance Act 2003): | ||
“(2I) (a) Notwithstanding subsection (2), a deduction shall not be authorised by paragraph (e) of that subsection by reference to interest payable for a chargeable period (within the meaning of section 321) on borrowed money employed in the purchase, improvement or repair of a rented residential premises unless the person chargeable can show that the registration requirements of Part 7 of the Residential Tenancies Act 2004 have been complied with in respect of all tenancies which existed in relation to that premises in that chargeable period. | ||
(b) For the purposes of paragraph (a), a written communication from the Private Residential Tenancies Board to the chargeable person confirming the registration of a tenancy, relating to a rented residential premises to which paragraph (a) applies, shall be accepted as evidence that the registration requirement in respect of that tenancy (and that tenancy only) has been complied with.”, | ||
and | ||
(b) in section 372AM(10), as respects claims for a deduction under section 372AP for a chargeable period in relation to a special qualifying premises— | ||
(i) in paragraph (a) by substituting the following for subparagraph (iii): | ||
“(iii) Part 7 of the Residential Tenancies Act 2004 in respect of all tenancies relating to that premises.”, | ||
and | ||
(ii) by inserting the following after paragraph (a)— | ||
“(aa) For the purposes of paragraph (a)(iii) a written communication from the Private Residential Tenancies Board to the chargeable person confirming the registration of a tenancy relating to a special qualifying premises shall be accepted as evidence that the registration requirement in respect of that tenancy (and that tenancy only) has been complied with.”. | ||
(2) Subsection (1) applies as respects chargeable periods, being— | ||
(a) where the chargeable period is a year of assessment, the year of assessment 2006 and subsequent years, and | ||
(b) where the chargeable period is an accounting period of a company, for accounting periods beginning on or after 1 January 2006. |