The Friendly Societies (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) (Amendment) Regulations 1997

• Citation: S.I. 1997/475
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Friendly Societies (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) (Amendment) Regulations 1997 and shall come into force on 20th March 1997.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Friendly Societies (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1996 .

Section 3 Amendments to the principal Regulations

In regulation 7 of the principal Regulations (which inserts regulations 5A and 5B in the Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1993 in relation to cases where payments of interest on relevant gilt-edged securities are made without deduction of tax to friendly societies carrying on exempt business as defined in the principal Regulations), the inserted regulation 5A shall be amended in accordance with regulation 4.

Section 4 Amendments to the principal Regulations

(1) In paragraph (6) sub-paragraph (a) shall be omitted.

(2) In paragraph (8), in the substituted sub-paragraph (9)—

(a) in sub-paragraphs (i) and (ii) of paragraph (a), after the words “general annuity business” there shall be inserted the words “or tax exempt class IV business”;

(b) in sub-paragraphs (i) and (ii) of paragraph (b), for the words “long term business other than life or endowment business” there shall be substituted the words “tax exempt class IV business”;

(c) in paragraph (b)(iii), for the words “long term business other than life assurance business” there shall be substituted the words “tax exempt class IV business”.

(3) In paragraph (8), in the substituted sub-paragraph (9A)—

(a) in the definition of “tax exempt basic life assurance and general annuity business” for the words “regulation 5(2) of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992” there shall be substituted the words “regulation 6(2) of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997” ;

(b) after that definition there shall be inserted the following definition—

“tax exempt class IV business” shall be construed in accordance with the definition inserted in section 431(2) by regulation 7(2) of those Regulations; and

(c) in the definition of “long term business”, for the words “regulation 5(4)” there shall be inserted the words “regulation 6(4)”;

(d) the definition of “life or endowment business” and the word “and” immediately preceding it shall be omitted.

(4) In paragraph (9) sub-paragraph (a) shall be omitted.