PART IX ANNUAL PAYMENTS AND INTEREST

Mortgage interest relief at source

373 Loans in excess of the qualifying maximum, and joint borrowers.
(1) The provisions of this section have effect in relation to a loan where, by virtue of . . . section 365(3), only part of the interest on the loan would (apart from section 353(2)) be eligible for relief under section 353; and in this section any such loan is referred to as a “limited loan”.
Source-1982 Sch.7 5(1)-(3); 1985 s.37(2)
Words in s. 373(1) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 7(2)(a), Sch. 20 Pt. 3(7)
(2) None of the interest on a limited loan is relevant loan interest unless—
(a) the loan is made on or after 6th April 1987; or
(b) the qualifying lender to whom the interest is payable has given notice to the Board in accordance with regulations that he is prepared to have limited loans of a description which includes that limited loan brought within the tax deduction scheme.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 370(3)(4) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 7(2)(b), Sch. 20 Pt. 3(7)
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) Where the condition in paragraph (a) or (b) of subsection (2) above is fulfilled . . . only so much of the interest as (apart from section 353(2)) would be eligible for relief under section 353 is relevant loan interest.
Source-1982 Sch.7 5(4); 1983 s.17(2); 1985 s.37(3)
Words in s. 373(5) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 7(2)(c), Sch. 20 Pt. 3(7)
(6) Where a loan on which interest is payable by the borrower was made jointly to the borrower and another person who is not the borrower’s husband or wife, the interest on the loan is not relevant loan interest unless—
(a) each of the persons to whom the loan was made is a qualifying borrower; and
(b) in relation to each of them considered separately, the whole of that interest is relevant loan interest, in accordance with section 370 and this section.
Words in s. 373(6) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 7(3)
Source-1982 Sch.7 6(1), (2)
(7) In subsection (6) above references to the borrower’s husband or wife do not include references to a separated husband or wife . . . .
Words in s. 373(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. 7(2)(d), Sch. 20 Pt. 3(7)