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The Income Tax (Manufactured Overseas Dividends) (Amendment No. 2) Regulations 1997

Type Statutory-Instrument

Publication 1997-11-17

State In force

Department Queen's Printer of Acts of Parliament

Source legislation.gov.uk

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Made: 17th November 1997

Laid before the House of Commons: 18th November 1997

Coming into force: 9th December 1997

The Treasury, in exercise of the powers conferred on them by paragraphs 1(1) and 4(8) of Schedule 23A to the Income and Corporation Taxes Act 1988¹, hereby make the following Regulations:

1

These Regulations may be cited as the Income Tax (Manufactured Overseas Dividends) (Amendment No. 2) Regulations 1997 and shall come into force on December 1997.

2

In regulation 12 of the Income Tax (Manufactured Overseas Dividends) Regulations 1993²—

(a) in paragraph (2)(a) the words “subject to paragraph (3)” shall be omitted;

(b) paragraph (3) shall be omitted.

Signed

Bob Ainsworth — Jon Owen Jones — Two of the Lords Commissioners of Her Majesty’s Treasury — 17th November 1997

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Income Tax (Manufactured Overseas Dividends) Regulations 1993 (S.I. 1993/2004) by omitting paragraph (3) of regulation 12 of those Regulations. Regulation 12 relates to the tax treatment of manufactured overseas dividends paid to collecting agents that are representative of foreign dividends. Paragraph (3) of regulation 12 is rendered obsolete by the Income Tax (Paying and Collecting Agents) (Amendment) Regulations 1997 (S.I. 1997/2705) which come into force at the same time as these Regulations.

Footnotes

1988 c. 1. Schedule 23A was inserted by paragraph 1 of Schedule 13 to the Finance Act 1991 (c. 31). Paragraph 4(8) of Schedule 23A was amended by paragraph 28(2) of Schedule 7, and paragraph 7 of Schedule 29, to the Finance Act 1996 (c. 8). See the definition of “dividend manufacturing regulations” in paragraph 1(1) of Schedule 23A.

S.I. 1993/2004; relevant amending instruments are S.I. 1996/1229 and 2643.

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