365 Loan to buy life annuity
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

365  Loan to buy life annuity

(1)     Subject to the following provisions of this section, interest is eligible for relief under section 353 if it is interest on a loan in respect of which the following conditions are satisfied—

[(aa)     that the loan was made before 9th March 1999;]

(a)     that the loan was made as part of a scheme under which not less than nine-tenths of the proceeds of the loan were applied to the purchase by the person to whom it was made of an annuity ending with his life or with the life of the survivor of two or more persons (“the annuitants”) who include the person to whom the loan was made;

(b)     that at the time the loan was made the person to whom it was made or each of the annuitants had attained the age of 65 years;

(c)     that the loan was secured on land in the United Kingdom or the Republic of Ireland and the person to whom it was made or one of the annuitants owns an estate or interest in that land; and

(d)     that, if the loan was made after 26th March 1974, the person to whom

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