Related Commentary  Related HMRC Manuals

365(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;

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