Explanatory note

These Regulations amend the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 (S. I.1990/2231) (“the principal Regulations”). In addition to a drafting amendment, the Regulations extend the categories of payments of dividends and interest by building societies which may be made without deduction of tax to payments made to pension schemes which have applied to the Board of Inland Revenue for recognition as exempt approved schemes, and payments made in respect of investments held at overseas branches of building societies. The Regulations also extend the categories of persons who can give certificates of non-liability to tax under the principal Regulations to persons appointed by the Department of Social Security to receive social security benefits on behalf of persons who are for the time being unable to act. Finally the Regulations make a consequential amendment to the provision in the principal Regulations which specifies the time within which certificates of non-liability to tax are to be given.