Statutory Instrument 1988 No. 781

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

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© Crown Copyright 1988

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1988 No. 781

INCOME TAX

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

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. back

[2] S.I. 1987/1224 back