The Gilt-edged Securities (Periodic Accounting for Tax on Interest) (Amendment) Regulations 1999

Made: 9th March 1999

Laid before the House of Commons: 9th March 1999

Coming into force: 30th March 1999

The Treasury, in exercise of the powers conferred on them by section 51B(1) to (4) of the Income and Corporation Taxes Act 1988¹, hereby make the following Regulations:

1

These Regulations may be cited as the Gilt-edged Securities (Periodic Accounting for Tax on Interest) (Amendment) Regulations 1999 and shall come into force on 30th March 1999.

2

In regulation 2(1) of the Gilt-edged Securities (Periodic Accounting for Tax on Interest) Regulations 1995², in the definition of “manufactured payment” there shall be added at the end the words “, other than a payment made on or after 1st April 1999”.

Signed

David Jamieson — Jim Dowd — Two of the Lords Commissioners of Her Majesty’s Treasury — 9th March 1999

Explanatory note

(This note is not part of the Regulations)

These Regulations, which are made under section 51B of the Income and Corporation Taxes Act 1988 (periodic accounting of tax on interest on gilt-edged securities), amend the Gilt-edged Securities (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I. 1995/3224) so as to provide that no payments of manufactured interest made by a company to another company on or after 1st April 1999 shall constitute a manufactured payment for the purposes of reducing the amount of tax for which the recipient company is accountable under those Regulations in respect of gilt interest received by that company prior to that date. The date of 1st April 1999 is the day appointed by S.I. 1999/619 (C. 16) for the repeal of section 51B of the 1988 Act in relation to payments of interest on gilt-edged securities falling due on or after that day.

Footnotes