375 Interest ceasing to be relevant loan interest etc
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

375  Interest ceasing to be relevant loan interest etc

(1)     If at any time—

(a)     the interest on a loan ceases to be relevant loan interest; or

(b)     a person making payments of relevant loan interest ceases to be a qualifying borrower;

the borrower shall give notice of the fact to the lender.

(2)     Without prejudice to subsection (3) below, in relation to a payment of interest—

(a)     which is due after the time referred to in subsection (1) above and before the date on which notice is given under that subsection, and

[(aa)     as respects which any of the conditions mentioned in section 374(1) is fulfilled, and]

(b)     from which a deduction was made as mentioned in section 369(1),

section 369 shall have effect as if the payment were a payment of relevant loan interest made by a qualifying borrower.

(3)     Nothing in subsection (2) above [shall be taken as regards the borrower as entitling him to any deduction or to retain any amount deducted and, accordingly,

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Serving outside the jurisdiction with court permission—application and order

This Practice Note addresses issues when serving out of the jurisdiction and the permission of the court is required. It explains how to make an application and the form of order required. An application to serve out of the jurisdiction is generally made without notice and on the papers. Key

LEXISNEXIS

Transferred malice

Transferred maliceThe principle of transferred maliceIf a person has a malicious intent towards X and, in carrying out that intent, injures Y, he is guilty of an offence. So, if D shoots at A with intent to kill him but kills B by mistake it is murder; the mistake as to the identity of the victim is

LEXISNEXIS

Facilitation payments under the Bribery Act 2010

Facilitation payments under the Bribery Act 2010Facilitating the performance of a duty by public officialsFacilitation payments, also known as facilitating or grease payments, are generally small amounts of money paid to public officials or others as a means of ensuring that they perform their duty,

LEXISNEXIS

Interim injunctions—the American Cyanamid guidelines

Interim injunctions—the American Cyanamid guidelinesThis Practice Note is concerned with substantive interim injunctions, which are a particular species of injunction granted on a temporary basis ahead of trial. As set out below, there are different considerations depending on whether the interim