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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations, which come into force on 1st July 1988, amend the Income Tax (Building Societies) Regulations 1986 (“the 1986 Regulations”).

Regulation 1 provides for citation and commencement and regulation 2 for inter- pretation.

Regulations 3 and 4 amend Regulation 6(1) of the 1986 Regulations (gross payments) and Regulation 8(1) of those Regulations (declarations by investors), respectively, so that, subject to the receipt of a declaration, a building society may make a gross payment for the purposes of approved personal pension arrangements as defined in section 630 of the Income and Corporation Taxes Act 1988.