- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (22/08/1996)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 27/07/1999
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Income and Corporation Taxes Act 1988, Section 374 is up to date with all changes known to be in force on or before 14 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)M1Section 369 does not apply to any relevant loan interest unless—
(a)in the case of a loan of a description specified by regulations for the purposes of this paragraph, the borrower or, in the case of joint borrowers, each of them has given notice to the lender in the prescribed form certifying—
(i)that he is a qualifying borrower; and
(ii)that the interest is relevant loan interest; and
(iii)such other matters as may be prescribed; or
(b)the Board have given notice to the lender and the borrower that the interest may be paid under deduction of tax; or
(c)it is interest to which section 370(3) applies; or
(d)M2the loan to which the interest relates is of a description specified by regulations for the purposes of this paragraph and was made—
(i)if sub-paragraph (2) of paragraph 2 of Schedule 7 to the Finance Act 1982 applied to interest on the loan which became due on or after a date earlier than 6th April 1983, being a date specified by the Board in pursuance of sub-paragraph (5) of that paragraph, before that earlier date; or
(ii)if the qualifying lender is a building society or a local authority, before 1st April 1983; or
(iii)if sub-paragraphs (i) and (ii) above do not apply and the interest falls within section 370(2), before 6th April 1983.
(2)M3Where notice has been given as mentioned in paragraph (a) or (b) of subsection (1) above, section 369 applies to any relevant loan interest to which the notice relates and which becomes due on or after the relevant date, as defined by subsection (3) below; and in a case falling within paragraph (c) or (d) of subsection (1) above, section 369 applies to the relevant loan interest referred to in that paragraph.
(3)In subsection (2) above “the relevant date” means—
(a)in the case of a notice under subsection (1)(a) above, the date the notice is given, and
(b)in the case of a notice under subsection (1)(b) above, a date specified in the notice as being the relevant date (which may be earlier than the date so specified as the date from which the interest may be paid under deduction of tax).
Modifications etc. (not altering text)
C1 See S.I. 1988 No.1347 (in Part III Vol.5)re housing associations.
Marginal Citations
M1Source-1982 Sch.7 7(1)(a)-(c)
M2Source-1982 Sch.7 7(1)(d), (4), (5)
M3Source-1982 Sch.7 7(2)(3)
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