The Income Tax (Interest Payments) (Information Powers) (Amendment) Regulations 2008

• Citation: S.I. 2008/2688
• Sections: 11

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Income Tax (Interest Payments) (Information Powers) (Amendment) Regulations 2008 and shall come into force on 31st October 2008 immediately after the coming into force of the Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008 .

(2) These Regulations shall have effect in relation to payments of interest made on or after 31st October 2008.

Section 2 Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

The Income Tax (Interest Payments) (Information Powers) Regulations 1992 are amended as follows.

Section 3 Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

In regulation 2 (interpretation)—

(a) after the definition of “account-holder” insert—

“building society” means a building society within the meaning of the Building Societies Act 1986 ;

“the Commissioners” means the Commissioners for Her Majesty’s Revenue and Customs;

(b) omit the definition of “the Board”;

(c) omit the definition of “Building Societies Regulations ”;

(d) in the definition of “deposit-taker” for “section 481(2) of the Taxes Act” substitute “section 853 of ITA 2007 ”;

(e) for the definition of “the Deposit-takers Regulations” substitute—

“the Deposit-takers and Building Societies Regulations ” means the Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008;

(f) after the definition of “the Deposit-takers and Building Societies Regulations” insert—

“interest” shall be construed in accordance with section 850(6) of ITA 2007;

“ITA 2007” means the Income Tax Act 2007 ;

“ ITTOIA 2005 ” means the Income Tax (Trading and Other Income) Act 2005 ;

(g) for the definition of “payment” substitute—

“payment” means a payment of interest ;

Section 4 Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

In regulation 3 (disapplication of section 17(1) and section 18(1)) —

(a) in paragraph (2)—

(i) in sub-paragraph (a) for “section 56(5) of the Taxes Act” substitute “section 1019 of ITA 2007”;

(ii) omit sub-paragraph (d); and

(iii) in sub-paragraph (e) for “section 333 of the Taxes Act” substitute “Chapter 3 of Part 6 of ITTOIA 2005 ”;

(b) in paragraph (4)—

(i) omit sub-paragraphs (a), (b) and (g); and

(ii) in sub-paragraph (h) for “section 333 of the Taxes Act” substitute “Chapter 3 of Part 6 of ITTOIA 2005”; and

(c) omit paragraph (5).

Section 5 Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

In regulation 5 (further information – cases where certificate of non-liability to tax is given)—

(a) in paragraph (2) for “Deposit-takers Regulations” substitute “Deposit-takers and Building Societies Regulations”; and

(b) in paragraph (3)(b)—

(i) in paragraph (ii) for the words “pursuant” to the end substitute “or building society pursuant to regulation 9 of the Deposit-takers and Building Societies Regulations;”; and

(ii) in paragraph (vi) after “deposit-taker” insert “or building society”.

Section 6 Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

In regulation 6 (further information – other cases), in paragraph (2)(ba) for “section 481(5)(k)(i) of the Taxes Act” substitute “section 858, 859, 860 or 861 of ITA 2007”.

Section 7 Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

In regulation 8 (information to be provided to the Board - section 17 notice)—

(a) in the heading to the regulation for “the Board” substitute “the Commissioners”;

(b) for “The Board” substitute “An officer of Revenue and Customs”; and

(c) for “them” and “they” substitute “that officer”.

Section 8 Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

In regulation 9 (information to be provided to the Board - section 18 notice)—

(a) in the heading to the regulation for “the Board” substitute “the Commissioners”;

(b) for “The Board” substitute “An officer of Revenue and Customs”;

(c) for “them” and “they” substitute “that officer”; and

(d) for “the inspector” substitute “an officer”.

Section 9 Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

In regulation 10 (inspection of records) for “an officer of the Board” and “the Board” substitute “an officer of Revenue and Customs”.

Section 10 Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

In 11 (retention of records), for paragraph (3) substitute—

(3) Paragraphs (1) and (2) are without prejudice to the following provisions—

(a) regulation 8(5) of the Deposit-takers and Building Societies Regulations; and

(b) regulation 9 of the Income Tax (Authorised Unit Trusts) (Interest Distributions) Regulations 2003 .

Section 11 Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

In regulation 12 (use of information) , in paragraph (1)—

(a) for “the Board” substitute “an officer of Revenue and Customs”; and

(b) for sub-paragraph (b) substitute—

(b) shall otherwise be used only for the purposes of—

(i) section 17 or 18 of the Management Act and these Regulations;

(ii) the provisions of Chapter 2 of Part 15 of ITA 2007 relating to the deduction of tax from payments by building societies and deposit-takers;

(iii) the Deposit-takers and Building Societies Regulations; and

(iv) the Income Tax (Authorised Unit Trusts) (Interest Distributions) Regulations 2003.