Finance Act 1999 (c. 16)

Part III U.K. Income Tax, Corporation Tax and Capital Gains Tax

Valid from 27/07/1999

Education and training U.K.

60 Student loans: certain interest to be disregarded. U.K.

The following section shall be inserted after section 331 of the Taxes Act 1988—

“331A Student loans: certain interest to be disregarded.

(1) If—

(a) a loan is made to a person under any of the relevant student loan provisions,

(b) an amount is recovered from him in respect of the loan,

(c) an amount is repaid to him in respect of the amount recovered, and

(d) interest is paid to him in respect of the amount repaid,

the interest shall be disregarded for all purposes of income tax.

(2) For the purposes of subsection (1) above the relevant student loan provisions are—

(a) section 22 of the M1 Teaching and Higher Education Act 1998;

(b) section 73(f) of the M2 Education (Scotland) Act 1980;

(c) Article 3 of the M3 Education (Student Support) (Northern Ireland) Order 1998.”

Marginal Citations

M1 1998 c.30

M2 1980 c.44

M3 S.I. 1998/1760 (N.I. 14).