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Income and Corporation Taxes Act 1988
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Changes over time for: Section 370
Version Superseded: 06/04/2005
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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.
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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 either would be eligible for relief under section 353 or would be taken into account in a computation of profits or gains or losses for the purposes of Case I, II or VI of Schedule D for any year of assessment;F6. . .
(c)F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)M2In determining whether subsection (2) above applies to any interest, [F8section 365 shall] have effect as if the words “or the Republic of Ireland” were omitted.
(6)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F9(6A)F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(7)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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F2Words in s. 370(1) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(2)(b), Sch. 20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)
F6S. 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)
F7S. 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)
F8Words 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)
F9S. 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)
F10S. 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
Modifications etc. (not altering text)
C1 See S.I. 1988 No.1347 (in Part III Vol.5)in respect of housing associations.
Marginal Citations
M1Source-1982 Sch.7 2(1)-(3)
M2Source-1982 Sch.7 3(1)-(3)
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