# Income and Corporation Taxes Act 1988, Section 376: Qualifying borrowers and qualifying lenders.

Extent: E+W+S+N.I.

(1) Subject 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 an 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 . . . .
(4) The following bodies are qualifying lenders:—
(a) a building society;
(b) a local authority;
(c) the Bank of England;
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(e) a person who has permission under Part 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 Trustee Savings Bank Act 1985;
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(h) a development corporation within the meaning of the New Towns Act 1981 or the New Towns (Scotland) Act 1968;
(j) the Homes and Communities Agency;
(ja) the Greater London Authority so far as exercising its housing or regeneration functions or its new towns and urban development functions;
(k) the Regulator of Social Housing,
(ka) the Secretary of State if the loan is made by him under section 79 of the Housing Associations Act 1985;
(l) the Northern Ireland Housing Executive;
(m) the Scottish Special Housing Association;
(n) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(o) the Church of England Pensions Board;
(p) any body which is for the time being registered under section 376A.
(4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/1988/1/section/376 (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1988/section-376
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.