The Income Tax (Manufactured Interest) (Amendment) Regulations 1995

• Citation: S.I. 1995/3221
• Sections: 8

Section 1 Citation and commencement

These Regulations may be cited as the Income Tax (Manufactured Interest) (Amendment) Regulations 1995 and shall come into force on 2nd January 1996.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Income Tax (Manufactured Interest) Regulations 1992 and “regulation” means a regulation of those Regulations.

Section 3 Amendments to the principal Regulations

In regulation 2—

(a) after the definition of “approved manufactured payment” there shall be inserted the following definition —

“gilt-edged securities” has the meaning given by section 51A(7) of the Taxes Act ;

(b) for the definition of “unapproved manufactured payment” there shall be substituted the following definition —

“unapproved manufactured payment” in relation to manufactured interest has the meaning given by paragraph 1(1) of Schedule 23A (as amended by regulation 2A);

Section 4 Amendments to the principal Regulations

After regulation 2 there shall be inserted the following regulation—

Definition of unapproved manufactured payment

(2A)

(1) The definition of “unapproved manufactured payment” in paragraph 1(1) of Schedule 23A shall be amended as follows.

(2) In paragraph (b) of the definition after the words “United Kingdom securities” where they first occur there shall be inserted the words “other than gilt-edged securities within the meaning given by section 51A(7) or in respect of”.

Section 5 Amendments to the principal Regulations

Paragraph (a) of regulation 3 shall be omitted.

Section 6 Amendments to the principal Regulations

Part II of the principal Regulations (comprising regulation 5) shall be omitted.

Section 7 Amendments to the principal Regulations

In regulation 6(c) after the words “approved manufactured payment” there shall be added the words “in respect of United Kingdom securities other than gilt-edged securities”.

Section 8 Amendments to the principal Regulations

In regulation 8 for the words from “made” to “regulation 5” there shall be substituted the words “of an amount representative of interest on gilt-edged securities”.