The Income Tax (Building Societies) (Amendment) Regulations 1989

• Citation: S.I. 1989/36
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Income Tax (Building Societies) (Amendment) Regulations 1989 and shall come into force on 6th February 1989.

Section 2 Interpretation

In these Regulations the “ 1986 Regulations ” means the Income Tax (Building Societies) Regulations 1986 .

Section 3 Amendments to the 1986 Regulations

In Regulation 2(1) of the 1986 Regulations—

(a) after the definition of “exempt pension fund” there shall be inserted—

“general client account deposit” means a deposit, held by a building society in a client account (other than one which is identified by the building society as one in which sums are held only for one or more particular clients of the person whose account it is) in respect of which that person is required by provision made under any enactment to make payments representing interest to some or all of the clients for whom, or on whose account, he received the sums deposited in the account;

(b) in the definition of “qualifying time deposit” in paragraph (b) for the words “before the end of the period of twelve months” there shall be substituted “not later than the end of the period of five years”.

Section 4 Amendments to the 1986 Regulations

In Regulation 6(1) of the 1986 Regulations—

(a) after paragraph (g) there shall be inserted—

(gg) a payment of interest made to a building society on a loan made by a building society;

(b) after paragraph (h) there shall be inserted—

(hh) a payment in respect of a general client account deposit;