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Relief for interest on loans to purchase life annuities faces withdrawal

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The government is consulting until 30 September 2013 on the proposal, announced at Budget 2013, to withdraw relief for interest paid on loans to purchase life annuities which continue to qualify for relief. Current estimates suggest that fewer than 1,000 loans remain eligible for this relief, which was withdrawn for new loans after 9 March 1999. The intention is to legislate in Finance Bill 2014 to withdraw the relief completely with effect from April 2019.

Issue: 1177
Categories: News , Corporate taxes