Housing Act 1974

3 (1) In section 26 (extension of right to opt for subsidy to certain other cases) in subsection (2)(b) after the words " this section " there shall be inserted the words " and to such modifications as may be prescribed ".

(2) After subsection (4) of that section there shall be inserted the following subsection:—

“(4A) In relation to a case where a self-build society, within the meaning of Part I of the Housing Act 1974, which is for the time being approved for the purposes of section 341A of the Income and Corporation Taxes Act 1970 borrows or has borrowed from a qualifying lender on the security of a freehold or leasehold estate of that society in Great Britain, the Secretary of State shall by regulations provide that this Part of this Act shall have effect with such adaptations and modifications of the provisions thereof (other than section 24(2)(b) and (c)), appearing to him to be appropriate or expedient, and subject to such special conditions appearing to him to be necessary or expedient, as may be prescribed by the regulations ; and in relation to such a society, the said section 24(2)(b) shall have effect as if—

(a) the reference therein to the Income Tax Acts included a reference to the Corporation Tax Acts ; and

(b) in sub-paragraph (ii) thereof, for the reference to income tax there were substituted a reference to corporation tax.”