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Statutory Instruments

1989 No. 908

INCOME TAX

The Income Tax (Interest Relief) (Qualifying Lenders) Order 1989

Made

24th May 1989

The Treasury, in exercise of the powers conferred on them by section 376(5) of the Income and Corporation Taxes Act 1988(1), hereby make the following Order:

1.  This Order may be cited as the Income Tax (Interest Relief) (Qualifying Lenders) Order 1989.

2.  The bodies named in article 3 below are prescribed for the purposes of section 376 of the Income and Corporation Taxes Act 1988 and shall become qualifying lenders with effect from the dates and in respect of the loans specified in the following paragraphs—

(a)with effect from the thirtieth day after the making of this Order, in relation to new loans (that is loans which are made on or after that day);

(b)with effect from the making of this Order, in relation to transferred loans (that is loans transferred from another qualifying lender on or after the making of this Order the interest on which is at the time of transfer relevant loan interest payable by a qualifying borrower);

(c)with effect from the 6th April 1990, in relation to other loans made by the body concerned before the thirtieth day after the making of this Order.

3.  The following are the bodies referred to in article 2 above—

4.  Article 2 of the Income Tax (Interest Relief) (Qualifying Lenders) Order 1983(2) shall be amended by omitting the words—

David Lightbown

Kenneth Carlisle

Two of the Lords Commissioners of Her Majesty’s Treasury

24th May 1989

Explanatory Note

(This note is not part of the Order)

By article 2, the bodies named in article 3 are prescribed as qualifying lenders so that interest on qualifying loans made by them may be paid to them under deduction of tax under the tax deduction scheme (introduced by the Finance Act 1982 (c. 39)) from the dates specified in the Order.

By article 4, the Income Tax (Interest Relief) (Qualifying Lenders) Order 1983 is amended by omitting from article 2 thereof “Altajir Limited”.

Previous Orders which are in force are S.I. 1983/1907, 1984/1945, 1985/1697, 1986/386, 1440 and 2191, 1987/1224 and 2127 and 1988/781 and 1962.

(2)

S.I. 1983/1907.