Regulation 2 Interpretation

In these Regulations unless the context otherwise requires—

• “agreement” means agreement in writing and “agree” shall be construed accordingly;

• “audit report” means a report make by an auditor in respect of an audit carried out pursuant to these Regulations;

• “auditor” means an individual or firm whose name appears in the register of auditors kept pursuant to the Companies Act 1989 (Register of Auditors and Information about Audit Firms) Regulations 1991^f1;

• “the Board” means the Commissioners of Inland Revenue;

• “the Building Societies Regulations” means the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990^f2;

• “deposit-taker” has the meaning given by section 481(2) of the Income and Corporation Taxes Act 1988^f3;

• “dividend” means any distribution in respect of an investment, including any qualifying distribution as defined for the purposes of the Corporation Tax Acts and whether described as a dividend or otherwise;

• “excluded investment” has the meaning given by regulation 5;

• “gross payment” means a payment made without deduction of tax by a building society of a dividend or interest in respect of an investment which at the time of payment falls within any of the descriptions in sub-paragraphs (a) to (l), (o) and (p) of regulation 4(1) of the Building Societies Regulations^f4;

• “investment” includes any shareholding, deposit or loan;

• “notice” means notice in writing;

• “payment” (except in relation to a payment to the Board) includes “credit” and “paid” shall be construed accordingly;

• “Special Reports booklet” means the booklet entitled “Special Reports of Accountants” published by the Auditing Practices Committee of the Consultative Committee of Accountancy Bodies in 1984.