Section 376 Qualifying borrowers and qualifying lenders.

United Kingdom

(1)

M1Subject to subsection (2) below, an individual is a qualifying borrower with respect to the interest on any loan.

(2)

In relation to interest paid at a time when the borrower or the borrower’s husband or wife holds F1an office or employment which would, but for some special exemption or immunity from tax, be a taxable employment under Part 2 of ITEPA 2003 (as defined by section 66(3) of that Act), the borrower is not a qualifying borrower.

(3)

In subsection (2) above references to the borrower’s husband or wife do not include references to a separated husband or wife F2. . . .

(4)

M2The following bodies are qualifying lenders:—

(a)

a building society;

(b)

a local authority;

(c)

the Bank of England;

(d)

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(e)

a person who has permission under F5Part 4A of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;

(f)

any company to which property and rights belonging to a trustee savings bank were transferred by section 3 of the M3Trustee Savings Bank Act 1985;

(g)

F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(h)

a development corporation within the meaning of the M4New Towns Act 1981 or the M5New Towns (Scotland) Act 1968;

F7(j)

the Homes and Communities Agency;

F8(ja)

the Greater London Authority so far as exercising its housing or regeneration functions or its new towns and urban development functions;

F9(k)

the Regulator of Social Housing,

F10(ka)

the Secretary of State if the loan is made by him under section 79 of the M6Housing Associations Act 1985;

(l)

the Northern Ireland Housing Executive;

(m)

the Scottish Special Housing Association;

(n)

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(o)

the Church of England Pensions Board;

F12(p)

any body which is for the time being registered under section 376A.

F13(4A)

F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)

F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Words in s. 376(2) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 52 (with Sch. 7)
F2: Words in s. 376(3) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 11(a), Sch. 20 Pt. 3(7)
F3: S. 376(4)(d) repealed (26.3.2001) by The Postal Services Act 2000 (Consequential Modifications No. 1) Order 2001 (S.I. 2001/1149), arts. 1(2), 3(2), Sch. 2
F4: S. 376(4)(e) substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(2)(a)
F5: Words in s. 376(4)(e) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 58(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6: S. 376(4)(g) omitted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(2)(b)
F7: S. 376(4)(j) substituted (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 8 para. 42; S.I. 2008/3068, art. 2(1)(w) (with arts. 6-13)
F8: S. 376(4)(ja) inserted (1.4.2012) by Localism Act 2011 (c. 20), s. 240(2), Sch. 19 para. 24; S.I. 2012/628, art. 6(1) (with arts. 9-20)
F9: S. 376(4)(k) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 12; S.I. 2010/862, art. 2 (with Sch.)
F10: S. 376(4)(ka) substituted (1.11.1998) by Government of Wales Act 1998 (c. 38), ss. 140(2), 158(1), Sch. 16 para. 55; S.I. 1998/2244, art. 5
F11: S. 376(4)(n) repealed (1.10.1998) by Government of Wales Act 1998 (c. 38), ss. 152, 158(1), Sch. 18 Pt. 4; S.I. 1998/2244, art. 4
F12: S. 376(4)(p) substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(2)(c)
F13: S. 376(4A) inserted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 paras. 3(3), 22; S.I. 1993/236, art. 2
F14: S. 376(4A) omitted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(3)
F15: S. 376(5) repealed (3.5.1994) by Finance Act 1994 (c. 9), s. 142(1)(b), Sch. 26 Pt. 5(19)
F16: S. 376(6) 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. 11(b), Sch. 20 Pt. 3(7)

Marginal citations

M1: Source-1982 Sch.7 13
M2: Source-1982 Sch.7 14(1); 1983 s.17(3)
M3: 1985 c. 50.
M4: 1981 c.64.
M5: 1968 c. 16.
M6: 1985 c. 69.