The Finance Act 1991, section 58, (Commencement No. 2) Regulations 1992

Made: 5th June 1992

Laid before the House of Commons: 8th June 1992

Coming into force: 29th June 1992

The Treasury, in exercise of the powers conferred on them by section 58(3) of the Finance Act 1991[^f00001], hereby make the following Regulations:

1

These Regulations may be cited as the Finance Act 1991, section 58, (Commencement No. 2) Regulations 1992 and shall come into force on 29th June 1992.

2

The day specified by these Regulations as the day on which—

• (a) the provisions of section 58 of the Finance Act 1991 referred to in regulation 3 shall have effect in relation to payments made on or after that day for the purposes referred to in paragraph (1) of regulation 4, and

• (b) the provisions of that section referred to in regulation 5 shall have effect in relation to payments made on or after that day,

is 30th June 1992.

3

The provisions referred to in this regulation are—

• (a) the insertion by subsection (1) of that section of section 736A of the Income and Corporation Taxes Act 1988[^f00002] after section 736 of that Act,

• (b) the insertion by subsection (2) of that section and paragraph 1 of Schedule 13 to the Finance Act 1991 of Schedule 23A to the Income and Corporation Taxes Act 1988 after Schedule 23 to that Act, and

• (c) the amendments made by subsection (2) of that section and paragraph 3 of Schedule 13 to the Finance Act 1991 to section 737 of the Income and Corporation Taxes Act 1988[^f00003].

4

• (1) The purposes referred to in this paragraph are the application of—

• (a) the said section 736A,

• (b) the said Schedule 23A, and

• (c) the said section 737 as so amended,

to payments of amounts representative of periodical payments of interest on United Kingdom securities.

• (2) In paragraph (1) above “United Kingdom securities”has the meaning given by paragraph 1(1) of the said Schedule 23A.

5

The provisions referred to in this regulation are the amendments made by subsection (2) of section 58 of the Finance Act 1991 and paragraph 4 of Schedule 13 to that Act to section 738 of the Income and Corporation Taxes Act 1988.

Signed

Irvine Patnick — Tim Wood — Two of the Lords Commissioners of Her Majesty’s Treasury — 5th June 1992

Explanatory note

(This note is not part of the Regulations)

Section 58 of the Finance Act 1991 makes further provision with regard to manufactured dividends and interest, and has effect in relation to payments made on or after such day as the Treasury may specify. Different days may be appointed for different provisions or different purposes. Subsection (1) of section 58 makes provision for section 736A to be inserted into the Income and Corporation Taxes Act 1988, and subsection (2) of section 58 introduces Schedule 13 to the 1991 Act. Paragraph 1 of Schedule 13 inserts Schedule 23A into the 1988 Act, paragraph 2 of Schedule 13 makes an amendment to Schedule 18 to the Finance Act 1986 (c. 41), and paragraphs 3 and 4 of Schedule 13 amend sections 737 and 738 of the 1988 Act respectively.

The Finance Act 1991, section 58, (Commencement No. 1) Regulations 1992 (S.I. 1992/173 (C.3)) specified 26th February 1992 as the relevant day for bringing into effect the inserted section 736A of, and Schedule 23A to, the 1988 Act, and the amended section 737 of that Act, in relation to manufactured dividends on United Kingdom equities as defined in Schedule 23A. They also brought into effect the amendment to Schedule 18 to the Finance Act 1986.

These Regulations specify 30th June 1992 as the relevant day for bringing into effect section 736A, Schedule 23A and the amended section 737 of the 1988 Act in relation to manufactured interest on United Kingdom securities as defined in Schedule 23A. They also bring into effect the amended section 738 of that Act.

Footnotes

[^f00001]: 1991 c. 31.

[^f00002]: 1988 c. 1.

[^f00003]: Section 737 was previously amended by section 123 of, and Part V of Schedule 19 to, the Finance Act 1991.