PART IX ANNUAL PAYMENTS AND INTEREST

Mortgage interest relief at source

376 Qualifying borrowers and qualifying lenders.

1

M1Subject to subsection (2) below, an individual is a qualifying borrower with respect to the interest on any loan.

2

In relation to interest paid at a time when the borrower or the borrower’s husband or wife holds F1an office or employment which would, but for some special exemption or immunity from tax, be a taxable employment under Part 2 of ITEPA 2003 (as defined by section 66(3) of that Act), the borrower is not a qualifying borrower.

3

In subsection (2) above references to the borrower’s husband or wife do not include references to a separated husband or wife F2. . . .

4

M2The following bodies are qualifying lenders:—

a

a building society;

b

a local authority;

c

the Bank of England;

d

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4e

a person who has permission under F5Part 4A of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;

f

any company to which property and rights belonging to a trustee savings bank were transferred by section 3 of the M3Trustee Savings Bank Act 1985;

g

F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

h

a development corporation within the meaning of the M4New Towns Act 1981 or the M5New Towns (Scotland) Act 1968;

F7j

the Homes and Communities Agency;

F8ja

the Greater London Authority so far as exercising its housing or regeneration functions or its new towns and urban development functions;

F9k

the Regulator of Social Housing,

F10ka

the Secretary of State if the loan is made by him under section 79 of the M6Housing Associations Act 1985;

l

the Northern Ireland Housing Executive;

m

the Scottish Special Housing Association;

n

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

o

the Church of England Pensions Board;

F12p

any body which is for the time being registered under section 376A.

F134A

F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .