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Introduction

The relief for interest payment rules allow a deduction to be made from an individual's total income for the amount of interest paid on a qualifying loan¹.

Relief is available for interest paid on the following loans:

1. Ìý

   (a)ÌýÌýÌýÌý loans to buy plant or machinery for partnership use taken out by an individual (see E1.826)²

2. Ìý

   (b)ÌýÌýÌýÌý loans to buy plant or machinery for employment use taken out by an individual (see E1.826)³

3. Ìý

   (c)ÌýÌýÌýÌý loans to buy an interest in a close company taken out by an individual (see E1.827)⁴

4. Ìý

   (d)ÌýÌýÌýÌý loans to buy an interest in an employee-controlled company taken out by an individual (see E1.827A)⁵

5. Ìý

   (e)ÌýÌýÌýÌý loans to invest in a partnership taken out by an individual (see E1.827B)⁶

6. Ìý

   (f)ÌýÌýÌýÌý loans to invest in a co-operative taken out by an individual (see E1.828)⁷

7. Ìý

   (g)ÌýÌýÌýÌý loans to pay inheritance tax