Income and Corporation Taxes Act 1988

367 Provisions supplementary to sections 354 to 366. U.K.

(1) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) M1 Sections F2 . . . 360 to 364 do not apply to a loan unless it is made—

(a) in connection with the application of money, and

(b) on the occasion of, or within what is in the circumstances a reasonable time from, the application of the money;

and those sections do not apply to a loan the proceeds of which are applied for some other purpose before being applied as mentioned in those sections.

(3) M2 For the purposes of [F3 sections 359] to 364, the giving of credit for any money due from the purchaser under any sale shall be treated as the making of a loan to defray money applied by him in making the purchase.

(4) M3 Where part only of a debt fulfils the conditions required under [F3 sections 359] to 364 for interest on the debt to be eligible for relief under section 353, such proportion of the interest shall be treated as eligible for relief under that section as is equal to the portion of the debt fulfilling those conditions at the time of the application of the money in question.

(5) M4 In [F4 section] 365(3) references to the qualifying maximum for the year of assessment are references to such sum as Parliament may determine for the purpose for that year.

Textual Amendments

F1 S. 367(1) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 3(2), Sch. 20 Pt. 3(7)

F2 Words in s. 367(2) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 3(2), Sch. 20 Pt. 3(7)

F3 Words in s. 367(3)(4) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 3(3)

F4 Words in s. 367(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. 3(4)

Modifications etc. (not altering text)

C1 S. 367(5): £30,000 specified (1988-89) by Finance Act 1988 (c. 39), s. 41

S. 367(5): £30,000 specified (1989-90) by Finance Act 1989 (c. 26), s. 46

S. 367(5): £30,000 specified (1990-91) by Finance Act 1990 (c. 29), s. 71

S. 367(5): £30,000 specified (1991-92) by Finance Act 1991 (c. 31), s. 26

S. 367(5): £30,000 specified (1992-93) by Finance Act 1992 (c. 20), s. 10(4) (with s. 10(5))

S. 367(5): £30,000 specified (1993-94) by Finance Act 1993 (c. 34), s. 55

S. 367(5): £30,000 specified (1994-95, 1995-96) by Finance Act 1994 (c. 9), s. 80

S. 367(5): £30,000 specified (1996-97) by Finance Act 1996 (c. 8), s. 76

S. 367(5): £30,000 specified (1997-98) by Finance Act 1997 (c. 16), s. 57

S. 367(5): £30,000 specified (1998-99) by Finance (No. 2) Act 1997 (c. 58), s. 16

S. 367(5): £30,000 specified (1999-2000) by Finance Act 1999 (c. 16), s. 37

Marginal Citations

M1 Source-1972 Sch.9 2; 1974 Sch.1 23

M2 Source-1972 Sch.9 14; 1974 Sch.1 23

M3 Source-1972 Sch.9 15; 1974 Sch.1 1, 23

M4 Source-1972 Sch.9 5(1A); 1984 s.22(1)(c)