The Tax-exempt Special Savings Account (Amendment) Regulations 1996

• Citation: S.I. 1996/844
• Sections: 4

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Tax-exempt Special Savings Account (Amendment) Regulations 1996 and shall come into force on 6th April 1996.

(2) Regulation 3 has effect as respects transfers of accounts on or after 6th April 1996.

Section 2 Interpretation

In regulations 3 and 4 “the principal Regulations ” means the Tax-exempt Special Savings Account Regulations 1990 and “regulation” means a regulation of those Regulations.

Section 3 Amendments to the principal Regulations

In regulation 7 —

(a) in paragraph (4)(a) for the words “basic rate when it was paid or credited” there shall be substituted the words “applicable rate”;

(b) after paragraph (4) there shall be inserted—

(4A) In paragraph (4)(a) “the applicable rate” means—

(a) in the case of an amount of interest, dividend or bonus paid or credited before 6th April 1996, the basic rate for the year of assessment in which the amount was paid or credited; and

(b) in any other case, the lower rate for the year of assessment in which it was paid or credited.

Section 4 Amendments to the principal Regulations

In regulation 11 before paragraph (f) there shall be inserted the word “; or”.