376 Qualifying borrowers and qualifying lenders.U.K.
(1)M1Subject to subsection (2) below, an individual is a qualifying borrower with respect to the interest on any loan.
(2)In relation to interest paid at a time when the borrower or the borrower’s husband or wife holds [F1an office or employment which would, but for some special exemption or immunity from tax, be a taxable employment under Part 2 of ITEPA 2003 (as defined by section 66(3) of that Act)], the borrower is not a qualifying borrower.
(3)In subsection (2) above references to the borrower’s husband or wife do not include references to a separated husband or wife F2. . . .
(4)M2The following bodies are qualifying lenders:—
(a)a building society;
(b)a local authority;
(c)the Bank of England;
(d)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F4(e)a person who has permission under [F5Part 4A] of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;]
(f)any company to which property and rights belonging to a trustee savings bank were transferred by section 3 of the M3Trustee Savings Bank Act 1985;
(g)F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(h)a development corporation within the meaning of the M4New Towns Act 1981 or the M5New Towns (Scotland) Act 1968;
[F7(j)the Homes and Communities Agency;]
[F8(ja)the Greater London Authority so far as exercising its housing or regeneration functions or its new towns and urban development functions;]
[F9(k)the Regulator of Social Housing,]
[F10(ka)the Secretary of State if the loan is made by him under section 79 of the M6Housing Associations Act 1985;]
(l)the Northern Ireland Housing Executive;
(m)the Scottish Special Housing Association;
(n)F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(o)the Church of England Pensions Board;
[F12(p)any body which is for the time being registered under section 376A.]
[F13(4A)F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(5)F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 376(2) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 52 (with Sch. 7)
F2Words in s. 376(3) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 11(a), Sch. 20 Pt. 3(7)
F3S. 376(4)(d) repealed (26.3.2001) by The Postal Services Act 2000 (Consequential Modifications No. 1) Order 2001 (S.I. 2001/1149), arts. 1(2), 3(2), Sch. 2
F4S. 376(4)(e) substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(2)(a)
F5Words in s. 376(4)(e) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 58(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6S. 376(4)(g) omitted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(2)(b)
F7S. 376(4)(j) substituted (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 8 para. 42; S.I. 2008/3068, art. 2(1)(w) (with arts. 6-13)
F8S. 376(4)(ja) inserted (1.4.2012) by Localism Act 2011 (c. 20), s. 240(2), Sch. 19 para. 24; S.I. 2012/628, art. 6(1) (with arts. 9-20)
F9S. 376(4)(k) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 12; S.I. 2010/862, art. 2 (with Sch.)
F10S. 376(4)(ka) substituted (1.11.1998) by Government of Wales Act 1998 (c. 38), ss. 140(2), 158(1), Sch. 16 para. 55; S.I. 1998/2244, art. 5
F11S. 376(4)(n) repealed (1.10.1998) by Government of Wales Act 1998 (c. 38), ss. 152, 158(1), Sch. 18 Pt. 4; S.I. 1998/2244, art. 4
F12S. 376(4)(p) substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(2)(c)
F13S. 376(4A) inserted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 paras. 3(3), 22; S.I. 1993/236, art. 2
F14S. 376(4A) omitted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(3)
F15S. 376(5) repealed (3.5.1994) by Finance Act 1994 (c. 9), s. 142(1)(b), Sch. 26 Pt. 5(19)
F16S. 376(6) 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. 11(b), Sch. 20 Pt. 3(7)
Marginal Citations
M1Source-1982 Sch.7 13
M2Source-1982 Sch.7 14(1); 1983 s.17(3)