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The Income Tax (Interest Relief) (Qualifying Lenders) Order 1992

S.I. 1992/1745 · Made 15 July 1992

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 15th July 1992

The Treasury, in exercise of the powers conferred on them by section 376(5) of the Income and Corporation Taxes Act 1988f1, hereby make the following Order:

Annotations to the whole text

Footnotes

f1

1988 c. 1; section 376 was amended by paragraph 115 of Schedule 17 to the Housing Act 1988 (c. 50).

Contents

  1. 1Article 1
  2. 2Article 2
  3. 3Article 3
  4. 4Article 4
  5. 5Article 5
  6. 6Article 6
  7. 7Article 7
  8. 8Article 8
  9. Signature
  10. Explanatory note

1

This Order may be cited as the Income Tax (Interest Relief) (Qualifying Lenders) Order 1992.

2

The bodies named in article 3 below are prescribed for the purposes of section 376 of the Income and Corporation Taxes Act 1988 and shall become qualifying lenders with effect from the dates and in respect of the loans specified in the following paragraphs—

(a)

with effect from the thirtieth day after the making of this Order, in relation to new loans (that is loans which are made on or after that day);

(b)

with effect from the making of this Order, in relation to transferred loans (that is loans transferred from another qualifying lender on or after the making of this Order the interest on which is at the time of transfer relevant loan interest payable by a qualifying borrower);

(c)

with effect from the 6th April 1993, in relation to other loans made by the body concerned before the thirtieth day after the making of this Order.

3

The following are the bodies referred to in article 2 above—

  • Bear Stearns Mortgage Securities No. 5 Limited

  • Bear Stearns Mortgage Securities No. 6 Limited

  • Bear Stearns Mortgage Securities No. 7 Limited

  • Bear Stearns Mortgage Securities No. 8 Limited

  • Bear Stearns Mortgage Securities No. 9 Limited

  • Bear Stearns Mortgage Securities No. 10 Limited

  • CCHA (Funding) Limited

  • Gota Bank Lloyds Private Banking Limited

  • Northern Rock Mortgage Services Limited

  • Norwich & Peterborough (AMC) Limited

  • Trushelfco (No. 1810) Limited

  • Ulster Bank Limited.

4

Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) (No. 3) Order 1986f1 shall be amended by omitting the words—

  • “Charterhouse Bank Limited

  • Trushelfco (No. 1003) Limited”.

5

Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) Order 1987f1 shall be amended by omitting the words—

  • “Hill Samuel Finance (No. 8) Limited

  • Hill Samuel Finance (No. 9) Limited

  • The Bank of Nova Scotia”.

6

Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) Order 1988f1 shall be amended by omitting the words—

  • “Paribas Mortgage Funding Limited

  • Paribas Silver Mortgages Limited”.

7

Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) (No. 2) Order 1988f1 shall be amended by omitting the words—

  • “Equity & Law Home Loans (NO 4) Limited

  • Equity & Law Home Loans (NO 5) Limited

  • Equity & Law Home Loans (NO 6) Limited”.

8

Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) Order 1989f1 shall be amended by omitting the words—

  • “Paribas Throgmorton Mortgages Limited

  • Paribas Gracechurch Mortgages Limited

  • Paribas Threadneedle Mortgages Limited

  • Paribas Fenchurch Mortgages Limited

  • Paribas Moorgate Mortgages Limited”.

Signature

Irvine Patnick

Tim Boswell

Two of the Lords Commissioners of Her Majesty’s Treasury

15th July 1992

Explanatory note

(This note is not part of the Order)

A person who is a qualifying borrower, and who makes a payment of relevant loan interest to a qualifying lender, is entitled to pay that interest under deduction of tax under the mortgage interest relief at source scheme (MIRAS).

This Order prescribes the bodies named in article 3 as qualifying lenders from the dates specified in article 2.

This Order also amends previous Orders (in articles 4 to 8) by omitting the bodies named in those articles.

These bodies therefore cease to be qualifying lenders.

Previous Orders which are in force are S.I. 1983/1907, 1984/1945, 1985/1697, 1986/386, 1440 and 2191, 1987/1224 and 2127, 1988/781 and 1962, 1989/908 and 1932, 1990/1298 and 1991/618 and 2604.