370 Relevant loan interest.U.K.
(1)M1Subject to this section and [F1sections 373] to 376, in this Part “relevant loan interest” means interest which is paid and payable in the United Kingdom to a qualifying lender and to which subsection (2) F2. . . below applies.
(2)Subject to subsection (4) below, this subsection applies to interest if, disregarding section 353(2) [F3and any other provision applying to interest falling to be treated as relevant loan interest]—
(a)it is interest falling within section F4. . . 365; and
(b)apart [F5(where applicable) from] section F4. . . 365(3), the whole of the interest [F6would be eligible for relief under section 353];F7. . .
(c)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)M2In determining whether subsection (2) above applies to any interest, [F9section 365 shall] have effect as if the words “or the Republic of Ireland” were omitted.
(6)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F10(6A)F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(7)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 370(1) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(2)(a)
F2Words in s. 370(1) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(2)(b), Sch. 20 Pt. 3(7)
F3Words in s. 370(2) inserted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 10(1)(a)
F4Words in s. 370(2) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(3), Sch. 20 Pt. 3(7)
F5Words in s. 370(2)(b) substituted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 10(1)(b)
F6Words in s. 370(2)(b) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 155 (with Sch. 2)
F7S. 370(2)(c) and preceding word repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(3), Sch. 20 Pt. 3(7)
F8S. 370(3)(4)(6)(7) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(4), Sch. 20 Pt. 3(7)
F9Words in s. 370(5) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(5)
F10S. 370(6A) inserted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 10(2)
F11S. 370(6A) repealed (with effect in accordance with s. 42(3)-(5) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(2), Note
Marginal Citations
M1Source-1982 Sch.7 2(1)-(3)
M2Source-1982 Sch.7 3(1)-(3)