105 Taxation of rents: restriction in respect of certain rent and interest.

[FA74 s62(1) and (2)]

(1) This section shall apply to—

(a) rent in respect of premises, or

(b) interest on borrowed money employed in the purchase, improvement or repair of premises,

payable by a person chargeable to tax in accordance with section 75 on the profits or gains arising from rent in respect of those premises for a period before the date on which the premises are first occupied by a lessee for the purpose of a trade or undertaking or for use as a residence.

(2) No deduction shall be allowed for any year of assessment under section 97(2) in respect of rent or interest to which this section applies.