1. This Order may be cited as the Income Tax (Interest Relief) (Qualifying Lenders) Order 1993.

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-

• Allied Dunbar Mortgages Limited

• Briarface Limited

• ICS Building Society

• Royal Trust Residential Mortgages Limited

• Security Pacific EuroFinance, Inc.

• Tiphook Financial Services Limited

• Trushelfco (1856) Limited

• West Bromwich Mortgage Company Limited.

4. Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) (No.2)Order 1987(2) shall be amended by omitting the words-

• "The National Commercial Bank".

5. Article 3 of the Income Tax (Interest Relief) (Qualifying Lenders) (No.2)Order 1991(3) shall be amended by omitting the words-

• "Stars 5 PLC

• Stars 6 PLC".

Explanatory Note

(This note is not part of the Order)

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 and 5) by omitting the bodies named in those articles. These bodies therefore cease to be qualifying lenders.

Previous Orders that 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, 1991/618 and 2604, and 1992/1745 and 3219.