Regulation 3 Amendments to Principal Regulations

In Regulation 7 of the Principal Regulations for sub-paragraph (a) of paragraph (1) there shall be substituted the words—

“(a)

Subject to the provisions of sub-paragraph (b)—

(i)

where before 1st October in any year a lender notifies the Board that it wishes limited loans which it has made to be brought within the tax deduction scheme, the scheme shall begin to apply in the tax year beginning in the next following year to the relevant loan interest payable on those loans in respect of which the Board has given notice as provided by paragraph 7(1)(b) of Schedule 7; but in the case of limited loans which the lender makes on or after the date of the lender's notice the scheme shall begin to apply to the relevant loan interest payable on those loans after the date specified in the notice, not being a date earlier than 30 days after the date of that notice;

(ii)

where at any time a lender notifies the Board of its wish to bring within the tax deduction scheme only those limited loans which it will make on or after the date of the lender's notice to the Board the scheme shall begin to apply to the relevant loan interest payable on those loans after the date specified in the notice, not being a date earlier than 30 days after the date of that notice.”.