The Stamp Duty Reserve Tax (Amendment) Regulations 1999

• Citation: S.I. 1999/2536
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Stamp Duty Reserve Tax (Amendment) Regulations 1999 and shall come into force on 1 October 1999.

Section 2 Interpretation

In these Regulations–

“the Management Act ” means the Taxes Management Act 1970;

“the Schedule” means the Schedule to the Stamp Duty Reserve Tax Regulations 1986.

Section 3 Amendments to Part I of the Schedule

(1) The Table in Part I of the Schedule (which applies the provisions of the Management Act specified in the first column of that Table subject to any modification specified in the second column of that Table) shall be amended as follows:

(2) For the entries relating to section 86 there shall be substituted—

(86)

(1) For the words “The following” to “section 55 or 59B of this Act,” substitute “Tax which becomes due and payable”; and for the words “the relevant date” substitute “1st October 1999 or the accountable date, whichever is the later,”.

(3) For the word “relevant” substitute “accountable”.

Section 4 Amendments to Part II of the Schedule

(1) Part II of the Schedule (which restates the provisions of the Management Act specified in Part I of the Schedule as so modified where appropriate) shall be amended as follows.

(2) For section 86 of the Management Act (as so modified) there shall be substituted–

Interest on overdue tax

(86)

(1) Tax which becomes due and payable shall carry interest at the rate applicable under section 178 of the Finance Act 1989 from 1 October 1999 or the accountable date, whichever is the later, until payment.

(3) Subsection (1) above applies even if the accountable date is a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882.