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Termination of relief to individuals on loans applied in acquiring interest in companies.
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11.— Section 248 of the Principal Act is amended by inserting the following after subsection (5):
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“(6) Notwithstanding subsection (5), the deduction authorised by that subsection shall not exceed—
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(a) as respects the year of assessment 2011, 75 per cent of the deduction that would but for this subsection be authorised by that subsection,
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(b) as respects the year of assessment 2012, 50 per cent of the deduction that would but for this subsection be authorised by that subsection,
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(c) as respects the year of assessment 2013, 25 per cent of the deduction that would but for this subsection be authorised by that subsection, and
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(d) as respects the year of assessment 2014 and each subsequent year of assessment, zero per cent of the deduction that would but for this subsection be authorised by that subsection.
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(7) This section shall not apply to a loan made after 7 December 2010.”.
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