Financial Resolutions, 1978: Financial Statement, Budget, 1978. - Modifications of interest restrictions
I also propose that after to-day unrestricted interest relief will be allowed to any individual in respect of borrowings made to enable him to acquire shares to any extent in a private trading company, whether he is engaged in the company as a full-time employee or in a part-time capacity. At present, unrestricted relief is allowed for such borrowings only if the individual spends most of his time with the firm and owns at least 5 per cent of the shares. This will cost £70,000 in 1978.