Income Tax Act 2007 section 412

Information

Section 412 gives a borrower who claims tax relief on interest payments the right to request a written statement from the lender containing key details about the debt and interest paid.

• A borrower claiming interest relief may make a written request to the lender for a statement containing specified information about the debt and interest
• The statement must include the date the debt was incurred, its original amount, the interest paid in the tax year, and the debtor's name and address
• The lender is legally obliged to comply with such a request, and this obligation is enforceable by the borrower
• This right does not apply where interest is paid to a building society or a local authority