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Income and Corporation Taxes Act 1988
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Changes over time for: Section 370
Changes to legislation:
Income and Corporation Taxes Act 1988, Section 370 is up to date with all changes known to be in force on or before 16 November 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.
Changes to Legislation
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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act Tax Acts: power to modify conferred by 2004 c. 25 s. 18
- Act applied (with modifications) by S.I. 2010/875 reg. 16 Sch. 2 (This amendment not applied to legislation.gov.uk. S.I. 2010/875 was revoked (27.8.2010) by SI 2010/1906, reg. 2 without having come into force)
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 109A(4B) inserted by 2005 c. 7 Sch. 4 para. 6(3) (This amendment not applied to legislation.gov.uk. The amending provision (2005 c. 7, Sch. 4 para. 6) repealed retrospectively by 2005 c. 22, Sch. 6 para. 4(1)(6))
- Sch. 19AB para. 5(5)(a)(b) words substituted by S.I. 2001/3629 art. 52(2)(n) (This amendment not applied to legislation.gov.uk. The words to be substituted do not occur in Sch. 19AB para. 5)
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)
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