Section 399B — Income Tax Act 2007: Property partnerships: tax reduction for non-deductible loan interest

Property partnerships: tax reduction for non-deductible loan interest 399B 1 Subsections (2) and (3) apply if for a tax year an individual would be given relief for an amount (“the relievable amount”) by section 383(1) but for section 399A.

2 The individual is entitled to relief under this section for the tax year in respect of the relievable amount.

3 The amount of the relief is given by— B R × the relievable amount where PBR is the property basic rate of income tax for the year.