Statute
Section 398 — Income Tax Act 2007: Loan to invest in partnership
Text of the provision Official document
Loan to invest in partnership 398 1 This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2).
2 The ways are—
a purchasing a share in a partnership, b contributing money to a partnership, by way of capital or premium, that is used wholly for the purposes of the trade or profession carried on by the partnership, c advancing money to a partnership that is so used, and d repaying another loan to which this section applies.
3 This section is subject to section 411 (ineligibility of interest where business is occupation of commercial woodlands).
Official source: legislation.gov.uk
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