{
  "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/section-370",
  "json_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/section-370.json",
  "legislation": "ukpga/1988/1",
  "legislation_title": "Income and Corporation Taxes Act 1988",
  "legislation_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988",
  "path": "section/370",
  "kind": "section",
  "number": "370",
  "heading": "Relevant loan interest.",
  "text": "(1) Subject to this section and sections 373 to 376, in this Part “relevant loan interest” means interest which is paid and payable in the United Kingdom to a qualifying lender and to which subsection (2) . . . below applies.\n(2) Subject to subsection (4) below, this subsection applies to interest if, disregarding section 353(2) and any other provision applying to interest falling to be treated as relevant loan interest—\n(a) it is interest falling within section . . . 365; and\n(b) apart (where applicable) from section . . . 365(3), the whole of the interest would be eligible for relief under section 353;. . .\n(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(5) In determining whether subsection (2) above applies to any interest, section 365 shall have effect as if the words “or the Republic of Ireland” were omitted.\n(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(6A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 370(1) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(2)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 370(1) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(2)(b), Sch. 20 Pt. 3(7)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 370(2) inserted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 10(1)(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 370(2) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(3), Sch. 20 Pt. 3(7)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in s. 370(2)(b) substituted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 10(1)(b)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in s. 370(2)(b) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 155 (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "S. 370(2)(c) and preceding word repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(3), Sch. 20 Pt. 3(7)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "S. 370(3)(4)(6)(7) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(4), Sch. 20 Pt. 3(7)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Words in s. 370(5) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(5)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "S. 370(6A) inserted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 10(2)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "S. 370(6A) repealed (with effect in accordance with s. 42(3)-(5) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(2), Note"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "Source-1982 Sch.7 2(1)-(3)"
    },
    {
      "type": "M",
      "label": "M2",
      "text": "Source-1982 Sch.7 3(1)-(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1988/1/section/370",
    "retrieved_at": "2026-10-29T09:49:54.309394+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}