# The Capital Gains Tax (Definition of Permanent Interest Bearing Share) Regulations 2006

S.I. 2006/3291 · made 11 December 2006

These Regulations amend the definition of “permanent interest-bearing share” in section 117 of the Taxation of Chargeable Gains Act 1992.

Made under: Taxation of Chargeable Gains Act 1992 (Section 117)

PDFs: Printed copy https://openlegislation.uk/capital-gains-tax-definition-of-permanent-interest-bearing-share-regulations-2006/pdf/uksi_20063291_en.pdf; Explanatory Memorandum https://openlegislation.uk/capital-gains-tax-definition-of-permanent-interest-bearing-share-regulations-2006/pdf/uksiem_20063291_en.pdf

## Introductory text

Capital gains tax
Made 11th December 2006
Laid before the House of Commons 11th December 2006
Coming into force 1st January 2007
The Treasury make the following Regulations in exercise of the powers conferred by section 117(12) of the Taxation of Chargeable Gains Act 1992:

## 1 Citation and commencement

These Regulations may be cited as the Capital Gains Tax (Definition of Permanent Interest Bearing Share) Regulations 2006 and come into force on 1st January 2007.

## 2 Definition of permanent interest bearing share

(1) In the definition of “permanent interest-bearing share” in paragraph (b) of subsection (11) of section 117 of the Taxation of Chargeable Gains Act 1992 (meaning of “qualifying corporate bond”)—
(a) for “within the meaning of, and is eligible for inclusion in the calculation for capital adequacy in accordance with,” substitute “for the purposes of”; and
(b) for “Prudential Sourcebook (Building Societies)” substitute—
“General Prudential Sourcebook made by the Financial Services Authority under the Financial Services and Markets Act 2000”.
(2) In consequence of the amendment made by paragraph (1) the words in subsection (11) following paragraph (b) are repealed.

## Signature

Dave Watts
Frank Roy
Two of the Lords Commissioners of Her Majesty’s Treasury
11th December 2006

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the definition of “permanent interest-bearing share” in section 117 of the Taxation of Chargeable Gains Act 1992.
Regulation 1 provides for citation and commencement.
Regulation 2(1)(b) amends the definition of “permanent interest-bearing share” by substituting a reference to the General Prudential Sourcebook issued by the Financial Services Authority under the Financial Services and Markets Act 2000 for the existing reference to the Interim Prudential Sourcebook for Building Societies. The Interim Prudential Sourcebook for Building Societies is being superseded by the General Prudential Sourcebook.. Sub-paragraph (a) of that paragraph makes a minor amendment to the definition to reflect the fact that the definitions used in the General Prudential Sourcebook are now contained in a separate Glossary.
Regulation 2(2) repeals words which are redundant in consequence of the amendment made by regulation 2(1)(b).
These Regulations do not impose new costs on business.

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Source: https://www.legislation.gov.uk/uksi/2006/3291 (the official version)
Page: https://openlegislation.uk/capital-gains-tax-definition-of-permanent-interest-bearing-share-regulations-2006
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.