Finance Act, 2002
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Rental income: relief for certain interest. |
17.—The Principal Act is amended— | |
(a) in section 97 by inserting the following after subsection (2F) (inserted by the Finance Act, 2001 ): | ||
“(2G) Subsections (2A) to (2F) shall not apply or have effect in relation to interest on borrowed money employed in the purchase, improvement or repair of residential premises where that interest accrues on or after 1 January 2002 and, for the purposes of this subsection, interest on such borrowed money shall be treated as accruing from day to day.”, | ||
and | ||
(b) in section 248A (inserted by the Finance (No. 2) Act, 1998 ) by inserting the following after subsection (2): | ||
“(3) This section shall not apply or have effect in relation to interest referred to in subsection (2) which accrues on or after 1 January 2002 and, for the purposes of this subsection, such interest shall be treated as accruing from day to day.”. |