EBrief No. 62/09 further clarifies the tax treatment of IRCs and confirms that the 75% cap on the amount of interest that can be deducted from rents where the interest accrues on or after 7 April 2009, as introduced by s5 FA 2009, also applies to a payment for an IRC.
Prior articles on the issue of interest caps/payments are contained in Tax Briefing Issue 25 and Tax Briefing Issue 50.
The full eBrief is available here