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STATUTORY INSTRUMENTS
1991No. 2604
INCOME TAX
The Income Tax (Interest Relief) (Qualifying Lenders) (No. 2) Order 1991
Made
18th November 1991
The Treasury, in exercise of the powers conferred on them by section 367(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) (No. 2) Order 1991.
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 makng 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 1992, 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—
Abbey Life Services Limited
Barshelfco (No. 39) Limited
Barshelfco (No. 40) Limited
Barshelfco (No. 41) Limited
Bavarian Mortgages No. 1 PLC
Bavarian Mortgages No. 2 PLC
Bavarian Mortgages No. 3 PLC
Bavarian Mortgages No. 4 PLC
Bavarian Mortgages No. 5 PLC
Bavarian Mortgages No. 6 PLC
Bayerische Hypotheken-und Wechsel-Bank A. G.
Birmingham Mortgage Company Limited
Capital Finance Company Limited
Capital Motivation Limited
Capital World Travel Limited
Chadcroft Limited
Chelsea Mortgage Services Limited
Cheshire Mortgage Corporation Limited
Crédit Lyonnais
Collateralised Mortgage Securities (No. 15) PLC
Collateralised Mortgage Securities (No. 16) PLC
Collateralised Mortgage Securities (No. 17) PLC
Collateralised Mortgage Securities (No. 18) PLC
Derbyshire Home Loans Limited
Derbyshire Mortgages Limited
Diamond Mortgage Funding Limited
Goode Durrant Bank PLC
HMC Financing 9 Limited
HMC Financing 10 Limited
HMC Financing 11 Limited
Household Mortgage Personal Finance Ltd
Medway Housing Society Limited
Newcastle Mortgage Corporation Limited
NHL Seventeeth Funding Limited
NHL Twentieth Funding Limited
Personal Receivables Loan Securitisation (No. 2) Limited
Personal Receivables Loan Securitisation (No. 3) Limited
Personal Receivables Loan Securitisation (No. 4) Limited
Personal Receivables Loan Securitisation (No. 5) Limited
PS 9 Limited
Stars 3 PLC
Stars 4 PLC
Stars 5 PLC
Stars 6 PLC
St. Johns Priory Parks Limited
4. Article 4 of the Income Tax (Interest Relief) (Qualifying Lenders) Order 1985[2] shall be amended by omitting the words—
"Crown Home Finance Limited"
.
5. Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) (No. 3) Order 1986[3] shall be amended by omitting the words—
"Byggeriets Realkreditfond"
.
6. Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) Order 1988[4] shall be amended by omitting the words—
"NM Home Loans No. 2 Limited"
.
Gregory Knight
Thomas Sackville
Two of the Lords Commissioners of Her Majesty's Treasury
A person who is a qualifying borrower, and who makes a payment of relevant loan interest to a qualifying lender, is entitled to pay that interest under deduction of tax under the mortgage interest relief at source scheme (MIRAS).
This Order prescribes the bodies named in article 3 as qualifying lenders from the dates specified in article 2.
This Order also amends previous Orders (in articles 4 to 6) by omitting the bodies named in those articles. These bodies therefore cease to be qualifying lenders.
Previous Orders which are in force are S. I. 1983/1907, 1984/1945, 1985/1697, 1986/386, 1440 and 2191, 1987/1224, and 2127, 1988/781 and 1962, 1989/908 and 1932, 1990/1298 and 1991/618.