Related Commentary  Related HMRC Manuals

388(1)  This section applies to a loan that is used for capital expenditure on the provision of plant or machinery to which subsection (2) applies.

388(2)  This subsection applies to plant or machinery if–

(a)it is in use for the purposes of a trade, profession or ordinary property business carried on by a partnership, and

(b)the partnership is entitled to a capital allowance or liable to a balancing charge in respect of it under section 264 of CAA 2001 (partnership using property of a partner) for the period of account in which the interest is paid.

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