Chancery Division.

Vinelott J.

Judgment delivered 11 December 1991.

Income tax – Relief for payment of interest – Loans for purchase or improvement of land – Overdrafts on various accounts consolidated into one loan account at the same bank – Whether taxpayer entitled to relief for interest paid on loan account – Finance Act 1972 (as amended), sec. 75(1)(1A)(2), Sch. 9, para. 1(2) (replaced by sec. 353(1)(3), 354(1), 367(2) of the Income and Corporation Taxes Act 1988).

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