The Income Tax (Deposit-takers) (Non-residents) Regulations 1992

• Citation: S.I. 1992/14
• Sections: 9

Section 1 Citation and commencement

These Regulations may be cited as the Income Tax (Deposit-takers) (Non-residents) Regulations 1992 and shall come into force on 30th January 1992.

Section 2 Interpretation

In these Regulations unless the context otherwise requires—

“ the Act ” means the Income and Corporation Taxes Act 1988;

“ the Board ” means the Commissioners of Inland Revenue;

“certificate” means the certificate referred to in section 482(11) (a) of the Act;

“declaration” means a declaration under section 481(5) (k) of the Act;

“deposit-taker”, “deposit” and “relevant deposit” have the meanings given by section 481 of the Act ;

“the 1985 Regulations ” means the Income Tax (Composite Rate) (Non-residents) Regulations 1985 ;

“notice” means notice in writing;

“payment” includes “credit”.

Section 3 Requirement for a certificate

(1) Every declaration which is in a form prescribed or authorised by the Board under the provisions of section 482(2) of the Act shall, if it does not give the address of the person making it, be supported by a certificate given by the deposit-taker in accordance with paragraph (2) of this regulation and regulations 4 and 5.

(2) The certificate shall be given without delay after receipt of the declaration by the deposit-taker and in any event before the first payment of interest in respect of the deposit to which the declaration relates.

Section 4 Information to be contained in the certificate

The certificate shall—

(a) contain the deposit-taker’s full name and address;

(b) be signed by a duly authorised signatory on behalf of the deposit-taker;

(c) state the signatory’s office;

(d) contain a sufficient description or other identification of the declaration to which the certificate relates;

(e) contain a statement that the declaration includes the undertaking required by section 482(2) (a) of the Act;

(f) contain a statement that the deposit-taker has no reason to believe that any person beneficially entitled to interest in respect of the deposit to which the declaration relates is not resident outside the United Kingdom.

Section 5 Form of certificate

The certificate shall not be valid for the purposes of these Regulations unless it is in the form prescribed by the Board, or in a form authorised by the Board for those purposes.

Section 6 Certificate ceasing to be valid

When the deposit-taker is in possession of information which can reasonably be taken to indicate that the deposit to which the certificate relates is or may be a relevant deposit, the certificate shall no longer be valid for the purposes of these Regulations and he shall thereupon treat that deposit as a relevant deposit.

Section 7 Inspection of certificates

(1) A deposit-taker shall, on being so required by notice given to him by an inspector, make any certificate to which the notice refers available for inspection by the inspector or by a named officer of the Board within such time as may be specified in the notice.

(2) The inspector or officer to whom a certificate is to be made available under paragraph (1) shall be entitled to take copies of, or make extracts from, that certificate.

(3) A notice under paragraph (1) may be combined with a notice given under section 482(3) of the Act.

Section 8 Retention of declarations and certificates

Every declaration, whether made before or after the coming into force of these Regulations, and every certificate shall be preserved by the deposit-taker in such manner as may be approved by the Board until two years after the deposit has been repaid or has become a relevant deposit.

Section 9 Revocation of the 1985 Regulations and consequential provision

(1) The 1985 Regulations are hereby revoked.

(2) A certificate given in accordance with the 1985 Regulations which was valid for the purposes of those Regulations immediately before the coming into force of these Regulations shall have effect as if given in accordance with regulations 3, 4 and 5, and accordingly, unless the context otherwise requires, references to a certificate in these Regulations shall be construed as including a certificate given in accordance with the provisions of the 1985 Regulations.