SCHEDULES

F1F1F2SCHEDULE 7A Beneficial loans: loans on ordinary commercial terms

Annotations:
Amendments (Textual)
F1

Schs. 6, 6A, 7, 7A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 paras. 110, 111, Sch 8 Pt. 1 (with Sch. 7)

F2

Sch. 7A inserted (with effect in accordance with s. 57(2) of the amending Act) by Finance Act 2000 (c. 17), s. 57(1), Sch. 10 para. 5(2)

Requirements relating to loan varied before 6th April 2000

3

1

This paragraph applies to a loan that has been varied before 6th April 2000 and the relevant time for the purposes of this paragraph is the time of the variation.

2

The requirements of this paragraph are—

a

that a substantial proportion of the relevant loans were made to members of the public;

b

that the loan in question and relevant loans generally made by the lender at or about the relevant time to members of the public are held on the same terms; and

c

that if those terms differ from those applicable immediately after the relevant time they were imposed in the ordinary course of the lender’s business.

3

The relevant loans for the purposes of sub-paragraph (2)(a) are—

a

the loan in question;

b

any existing loans which were varied at or about the time of the variation of the loan in question so as to be held on the same terms as that loan after it was varied;

c

any new loans made by the lender, at or about that time, which are held on those terms.