Finance Act 2004
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Amendment of section 122 (preferential loan arrangements) of Principal Act. |
10.—(1) Section 122 of the Principal Act is amended in paragraph (a) of subsection (1)— | |
(a) by substituting the following for paragraph (i) of the definition of “employer”: | ||
“(i) a person of whom the individual or the spouse of the individual is or was an employee,”, | ||
and | ||
(b) by substituting “3.5 per cent” for “4.5 per cent” (inserted by the Finance Act 2003 ) in both places where it occurs in the definition of “the specified rate”. | ||
(2) (a) Subsection (1)(a) applies as respects loans made on or after 4 February 2004. | ||
(b) Subsection (1)(b) applies with effect from 1 January 2004. |