Section 503 Exception from section 501 for certain loans under qualifying policies

(1)

Section 501 does not apply to a loan made by the body issuing a qualifying policy if either or both of conditions A and B are met.

(2)

Condition A is that interest is payable on the loan at a commercial rate.

(3)

Condition B is that the loan was made—

(a)

before 6th April 2000,

(b)

to a full-time employee of the body issuing the policy, and

(c)

to assist the employee in purchasing or improving a dwelling to be used as the employee's only or main residence.

Notes on Chapter 9

C1: Pt. 4 Ch. 9 applied (with modifications) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), reg. 36 (as added by S.I. 1998/3174, reg. 12 and as amended (6.4.2008) by S.I. 2008/704, regs. 1, 17(4))
C2: Pt. 4 Ch. 9 applied (with modifications) by The Child Trust Funds Regulations 2004 (S.I. 2004/1450), reg. 38 (as amended (6.4.2010) by S.I. 2010/582, regs. 1, 18)
C3: Pt. 4 Ch. 9: power to exclude conferred (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 61(4) (with s. 147, Sch. 17)