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Statutory Instrument 1996 No. 1181

The Gilt-edged Securities (Periodic Accounting for Tax on Interest) (Amendment No. 2) Regulations 1996

(The document as of February, 2008. Arhiv.Online Library)

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STATUTORY INSTRUMENTS

1996 No. 1181

INCOME TAX

The Gilt-edged Securities (Periodic Accounting for Tax on Interest) (Amendment No. 2) Regulations 1996

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Made29th April 1996
Laid before the House of Commons30th April 1996
Coming into force21st May 1996

    The Treasury, in exercise of the powers conferred on them by section 51B(1) to (4) of the Income and Corporation Taxes Act 1988[1] and paragraph 4 of Schedule 6 to the Finance Act 1996[2], hereby make the following Regulations:
    Citation, commencement and effect
        1.—(1)  These Regulations may be cited as the Gilt-edged Securities (Periodic Accounting for Tax on Interest) (Amendment No. 2) Regulations 1996 and shall come into force on 21st May 1996.

        (2)  These Regulations have effect in relation to all payments of interest on relevant gilt-edged securities made without deduction of tax on or after 6th April 1996.
    Interpretation
        2.    In these Regulations "the principal Regulations" means the Gilt-edged Securities (Periodic Accounting for Tax on Interest) Regulations 1995[3], and "regulation" means a regulation of those Regulations.
    Amendments to the principal Regulations
        3.    In regulation 9(1)—
       (a) for the words "paragraph (2)" there shall be substituted the words "paragraphs (2) and (2A)";
       (b) for the words "basic rate" there shall be substituted the words "lower rate".
        4.    In regulation 9(2) for the words "Where the basic rate" there shall be substituted the words "Subject to paragraph (2A) below, where the lower rate".
        5.    After regulation 9(2) there shall be inserted the following paragraph—
      "  (2A)  In the case of a return period which begins before but includes 6th April 1996, the amount of income tax for which a relevant company is to be accountable pursuant to paragraph (1) above for that return period shall be ascertained after considering the period before 6th April 1996 separately from the period after 5th April 1996; and "income tax on the aggregate amount of excess gilt interest received" in paragraphs (2) and (3) of regulation 10 and "income tax nominally attributable to the amount of excess gilt interest paid" in regulations 11(2) and 12(2) shall be construed accordingly."
        6.    In regulations 13(2), 13(7), 14(2), 14(7) and 14(12) for the words "basic rate" there shall be substituted the words "lower rate".



Simon Burns

Liam Fox

Two of the Lords Commissioners of Her Majesty's Treasury

29th April 1996






EXPLANATORY NOTE

(This note is not part of the Regulations)



ISBN 0 11 054700 4




Notes:

[1] 1988 c. 1; section 51B was inserted by section 78(1) of the Finance Act 1995 (c. 4) and amended by paragraph 4(1) of Schedule 6 to the Finance Act 1996 (c. 8).

[2] 1996 c. 8.

[3] S.I. 1995/3224, to which there are amendments not relevant to these Regulations.

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