The Lloyd’s Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) (Amendment No. 2) Regulations 1996

• Citation: S.I. 1996/1182
• Sections: 6

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Lloyd’s Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) (Amendment No. 2) Regulations 1996 and shall come into force on 21st May 1996.

(2) These Regulations have effect in relation to all payments of interest on relevant gilt-edged securities made without deduction of tax on or after 6th April 1996.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Lloyd’s Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 , and “regulation” means a regulation of those Regulations.

Section 3 Amendments to the principal Regulations

In regulation 5(1)—

(a) for the words “paragraph (2)” there shall be substituted the words “paragraphs (2) and (2A)”;

(b) for the words “basic rate” there shall be substituted the words “lower rate”.

Section 4 Amendments to the principal Regulations

In regulation 5(2) for the words “Where the basic rate” there shall be substituted the words “Subject to paragraph (2A) below, where the lower rate”.

Section 5 Amendments to the principal Regulations

After regulation 5(2) there shall be inserted the following paragraph—

(2A) In the case of the quarter ending on 30th June 1996, the amount of income tax for which the managing agent is to be accountable pursuant to paragraph (1) above for that quarter shall be ascertained after considering the period before 6th April 1996 separately from the period after 5th April 1996; and “income tax nominally attributable to the amount of excess gilt interest paid” in regulation 6(1) and (3) shall be construed accordingly.

Section 6 Amendments to the principal Regulations

In regulation 7(2) for the words “basic rate” there shall be substituted the words “lower rate”.