Finance Act 2013
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Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act. |
9.— Section 244 of the Principal Act is amended by inserting the following after subsection (6): | |
“(7) This subsection shall apply to a loan taken out and used by an individual— | ||
(a) on or after 1 January 2012 and on or before 31 December 2012 solely for the purpose of defraying money employed in the purchase of an estate or interest in the land referred to in paragraph (b) and in respect of which the permission in subsection (10) applies but only where a residential premises, which is a qualifying residence in relation to that individual, is constructed on that land, or | ||
(b) on or after 1 January 2012 and on or before 31 December 2013 solely for the purpose of defraying money employed in the construction of a residential premises which is a qualifying residence in relation to that individual on land— | ||
(i) in respect of which he or she has, on or after 1 January 2012 and on or before 31 December 2012, acquired an estate or interest, and | ||
(ii) the acquisition of which was financed by way of the loan referred to in paragraph (a). | ||
(8) This subsection shall apply to a loan in respect of which there was in place, on or after 1 January 2012 and on or before 31 December 2012, an agreement evidenced in writing to provide that loan to an individual and— | ||
(a) part of that loan is used in the period 1 January 2012 to 31 December 2012, and | ||
(b) the balance of that loan is used in the period 1 January 2013 to 31 December 2013, | ||
by that individual solely for the purpose of defraying money employed in the repair, development or improvement of a residential premises which is a qualifying residence in relation to that individual. | ||
(9) Any loan to which subsection (7) or (8)(b) applies shall, for the purposes of this section, be deemed to be a qualifying loan taken out on or after 1 January 2012 and on or before 31 December 2012. | ||
(10) Relief shall not be granted in respect of interest paid on any loan to which subsection (7) or (8) applies unless any permission required under the Planning and Development Act 2000 was granted on or before 31 December 2012 in respect of such construction, repair, development or improvement, as appropriate, and such permission has not ceased to exist.”. |