# Income Tax (Trading and Other Income) Act 2005, 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.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/503 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-503
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.