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Statutory Instruments

1988 No. 781

INCOME TAX

The Income Tax (Interest Relief) (Qualifying Lenders) Order 1988

Made

26th April 1988

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 1988.

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 1989, 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-

  • Antony Gibbs & Sons Limited

  • Banque Indosuez S.A.

  • Banque Paribas

  • CHM Funding Limited

  • Choice Personal Finance Limited

  • Citibank Leasing Limited

  • Commercial Union Home Loans Limited

  • Commercial Union Mortgage Corporation Limited

  • Credit Commercial de France

  • Economic Home Loans Limited

  • Equity & Law Home Loans Limited

  • Exclusive Finance (1) Limited

  • Exclusive Finance (2) Limited

  • Exclusive Finance (3) Limited

  • Exclusive Finance (4) Limited

  • Exclusive Finance (5) Limited

  • FFM Limited

  • HMC Mortgage Notes 16 Limited

  • HMC Mortgage Notes 17 Limited

  • HMC Mortgage Notes 18 Limited

  • HMC Mortgage Notes 19 Limited

  • HMC Mortgage Notes 20 Limited

  • Home Mortgage Finance Limited

  • Legal & General Mortgage Services Limited

  • Marine Midland Capital Markets Limited

  • Mortgage Express Limited

  • MTL Funding (Berkley) Limited

  • MTL Funding (Grosvenor) Limited

  • MTL Funding (Kensington) Limited

  • MTL Funding (Mayfair) Limited

  • MTL Funding (Richmond) Limited

  • MTL Funding (Westminster) Limited

  • National Bank of Canada

  • NHL Seventh Funding Limited

  • NHL Eighth Funding Limited

  • NHL Ninth Funding Limited

  • NHL Tenth Funding Limited

  • NHL Eleventh Funding Limited

  • NM Home Loans No. 2 Limited

  • NM Home Loans No. 3 Limited

  • NM Home Loans No. 4 Limited

  • NM Home Loans No. 5 Limited

  • Paribas Gold Mortgages Limited

  • Paribas Home Funding Limited

  • Paribas Home Loans Limited

  • Paribas Lombard Mortgages Limited

  • Paribas Mortgage Funding Limited

  • Paribas Mortgage Loans Limited

  • Paribas Platinum Mortgages Limited

  • Paribas Silver Mortgages Limited

  • Royal London Homebuy Limited

  • TAF Mortgage Administration Limited

  • TAF Mortgage Funding Limited

  • TAF Mortgage Systems Limited

  • Top-Up Mortgage Services Limited

  • The Nippon Credit Bank Limited

  • TMC Mortgage Securities No. 11 p.l.c.

  • TMC Mortgage Securities No. 12 p.l.c.

  • TMC Mortgage Securities No. 13 p.l.c.

  • TMC Mortgage Securities No. 14 p.l.c.

  • TMC Mortgage Securities No. 15 p.l.c.

4. Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) Order 1987(2) shall be amended by omitting the words-

  • "Mortgage Holdings (Berkley) Limited

  • Mortgage Holdings (Grosvenor) Limited

  • Mortgage Holdings (Kensington) Limited

  • Mortgage Holdings (Mayfair) Limited

  • Mortgage Holdings (Richmond) Limited

  • Mortgage Holdings (Westminster) Limited".

Michael Neubert

Tony Durant

Two of The Lords Commissioners of Her Majesty's Treasury

26th April 1988

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 1987 is amended by omitting from article 3 thereof "Mortgage Holdings (Berkley) Limited", "Mortgage Holdings (Grosvenor) Limited", "Mortgage Holdings (Kensington) Limited", "Mortgage Holdings (Mayfair) Limited", "Mortgage Holdings (Richmond) Limited" and "Mortgage Holdings (Westminster) Limited".

Previous Orders made (under paragraph 14(2) of Schedule 7 to the Finance Act 1982) which are in force are S.I. 1983/1907, 1984/1945, 1985/1697, 1986/386, 1440, 2191, 1987/1224 and 2127.

(1)

1988 c. 1.

(2)

S.I. 1987/1224

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