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Income and Corporation Taxes Act 1988

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Income and Corporation Taxes Act 1988, Section 376A is up to date with all changes known to be in force on or before 11 December 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. Help about Changes to Legislation

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[F1376A The register of qualifying lenders.U.K.

(1)The Board shall maintain, and publish in such manner as they consider appropriate, a register for the purposes of section 376(4).

[F2(1A)The following are entitled to be registered—

(a)a person who has permission under [F3Part 4A] of the Financial Services and Markets Act 2000—

(i)to accept deposits; or

(ii)to effect or carry out contracts of general insurance;

(b)a 90 per cent subsidiary of a person mentioned in—

(i)section 376(4)(e); or

(ii)paragraph (a) above;

(c)any other body whose activities and objects appear to the Board to qualify it for registration.]

(2)If the Board are satisfied that an applicant for registration is entitled to be registered, they may register the applicant generally or in relation to any description of loan specified in the register, with effect from such date as may be so specified; and a body which is so registered shall become a qualifying lender in accordance with the terms of its registration.

(3)The registration of any body may be varied by the Board—

(a)where it is general, by providing for it to be in relation to a specified description of loan, or

(b)where it is in relation to a specified description of loan, by removing or varying the reference to that description of loan,

and where they do so, they shall give the body written notice of the variation and of the date from which it is to have effect.

(4)If it appears to the Board at any time that a body which is registered under this section would not be entitled to be registered if it applied for registration at that time, the Board may by written notice given to the body cancel its registration with effect from such date as may be specified in the notice.

(5)The date specified in a notice under subsection (3) or (4) above shall not be earlier than the end of the period of 30 days beginning with the date on which the notice is served.

(6)Any body which is aggrieved by the failure of the Board to register it under this section, or by the variation or cancellation of its registration, may [F4appeal], by notice given to the Board before the end of the period of 30 days beginning with the date on which the body is notified of the Board’s decisionF5. . . .]

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