40 Annuity loans: residence requirements and re-mortgages
Finance Act 1999 (1999 c 16) | Legislation

40  Annuity loans: residence requirements and re-mortgages

(1)     Section 365 of the Taxes Act 1988 (relief for interest on loans to buy life annuities) is amended as follows.

(2)     In subsection (1)(d) (residence requirement for land on which loan is secured), for “uses the land on which it was secured as his only or main residence at the time the interest is paid” substitute “used the land on which it was secured as his only or main residence immediately before 9th March 1999”.

(3)     After subsection (1AA) (inserted by section 39 of this Act) insert—

“(1AB)     Subject to subsection (1AC) below, the conditions in paragraphs (aa) and (a) of subsection (1) above shall

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