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Regulation 2 Interpretation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

In these Regulations unless the context otherwise requires:—

  • “authorised officer” means the official registered by the Board as being authorised for the purposes of these Regulations by the lender;

  • “the Board” means the Commissioners of Inland Revenue;

  • “financial year” in relation to a lender means a period of 12 months or the period (not necessarily a period of 12 months) for which the lender makes up its accounts;

  • “lender” means a qualifying lender for the purposes of section 26;

  • “limited loan” means a loan to which either paragraph 5(1) or (2) or paragraph 24(3) of Schedule 1 to the Finance Act 1974 applies;

  • “a qualifying borrower” has the meaning given by Part III of Schedule 7;

  • “relevant loan interest” has the meaning given by Part I of Schedule 7;

  • “Schedule 7” means Schedule 7 to the Finance Act 1982;

  • “section 26” means section 26 of the Finance Act 1982;

  • “section 28” means section 28 of the Finance Act 1982;

  • “tax year” means a period of 12 months ending on 5th April.

(2)

In the application of these Regulations to Scotland—

(a)

“a freehold or leasehold estate” means any interest in land; and

(b)

any reference to a loan on the security of such an estate is a reference to a loan upon a heritable security within the meaning of section 9(8)(a) of the Conveyancing and Feudal Reform (Scotland) Act 1970.