Statutory Instrument 1992 No. 1745

The Income Tax (Interest Relief) (Qualifying Lenders) Order 1992

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© Crown Copyright 1992

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1992 No. 1745

INCOME TAX

The Income Tax (Interest Relief) (Qualifying Lenders) Order 1992

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 1992.

    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 1993, 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—

Bear Stearns Mortgage Securities No. 5 Limited

Bear Stearns Mortgage Securities No. 6 Limited

Bear Stearns Mortgage Securities No. 7 Limited

Bear Stearns Mortgage Securities No. 8 Limited

Bear Stearns Mortgage Securities No. 9 Limited

Bear Stearns Mortgage Securities No. 10 Limited

CCHA (Funding) Limited

Gota Bank Lloyds Private Banking Limited

Northern Rock Mortgage Services Limited

Norwich & Peterborough (AMC) Limited

Trushelfco (No. 1810) Limited

Ulster Bank Limited.

    4.    Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) (No. 3) Order 1986^[2] shall be amended by omitting the words—
"Charterhouse Bank Limited
Trushelfco (No. 1003) Limited" .

    5.    Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) Order 1987^[3] shall be amended by omitting the words—
"Hill Samuel Finance (No. 8) Limited
Hill Samuel Finance (No. 9) Limited
The Bank of Nova Scotia" .

    6.    Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) Order 1988^[4] shall be amended by omitting the words—
"Paribas Mortgage Funding Limited
Paribas Silver Mortgages Limited" .

    7.    Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) (No. 2) Order 1988^[5] shall be amended by omitting the words—
"Equity & Law Home Loans (NO 4) Limited
Equity & Law Home Loans (NO 5) Limited
Equity & Law Home Loans (NO 6) Limited" .

    8.    Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) Order 1989^[6] shall be amended by omitting the words—
"Paribas Throgmorton Mortgages Limited
Paribas Gracechurch Mortgages Limited
Paribas Threadneedle Mortgages Limited
Paribas Fenchurch Mortgages Limited
Paribas Moorgate Mortgages Limited" .

Irvine Patnick

Tim Boswell

Two of the Lords Commissioners of Her Majesty's Treasury

15th July 1992

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 8) 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 and 2604.

[1] 1988 c. 1; section 376 was amended by paragraph 115 of Schedule 17 to the Housing Act 1988 (c. 50). back

[2] S.I. 1986/2191. back

[3] S.I. 1987/1224. back

[4] S.I. 1988/1962. back

[5] S.I. 1989/908. back

[6] S.I. 1988/781. back