Related Commentary  Related HMRC Manuals

369(1)  If a person who is a qualifying borrower makes a payment of relevant loan interest to which this section applies, he shall be entitled, on making the payment, to deduct and retain out of it a sum equal to the applicable percentage thereof.

369(1A)  In subsection (1) above “the applicable percentage”  means 23 per cent.

369(2)  Where a sum is deducted under subsection (1) above from a payment of relevant loan interest–

(a)the person to whom the payment is made shall allow the deduction on receipt of the residue;

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