Regulations were laid before the House of Commons yesterday to take account of the 'loan relationships' legislation...
Regulations were laid before the House of Commons yesterday to take account of the 'loan relationships' legislation, introduced by the Finance Act 1996, as it affects the application of the MIRAS (mortgage interest relief at source) scheme to certain housing associations and self-build societies.
Sections 80 to 105 and Schedules 8 to 15 of Finance Act 1996, which introduced the 'loan relationships' legislation for interest paid and received by companies, made changes to the Income and Corporation Taxes Act 1988 (ICTA 1988).
The amending regulations make consequential changes to the Income Tax (Interest Relief) (Housing Association) Regulations 1988 (SI 1988 No 1347), which themselves modify certain provisions of ICTA 1988. They come into force on 4 November 1996.
Copies of the new regulations, entitled The Income Tax (Interest Relief) (Housing Associations) (Amendment) Regulations 1996 (S.I.1996 No. 2616), will be available shortly from The Stationery Office.