{
  "url": "https://openlegislation.uk/income-tax-building-societies-dividends-and-interest-amendment-regulations-1996/note",
  "json_url": "https://openlegislation.uk/income-tax-building-societies-dividends-and-interest-amendment-regulations-1996/note.json",
  "legislation": "uksi/1996/223",
  "legislation_title": "The Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/income-tax-building-societies-dividends-and-interest-amendment-regulations-1996",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Building Societies (Dividends and Interest) Regulations 1990 (S.I. 1990/2231) (“the principal Regulations”) so as to enable payments by building societies of dividends and interest to discretionary and accumulation trusts made on or after 6th April 1996 to be made without deduction of tax, provided that the trustees are not resident in the United Kingdom and the beneficiaries are not ordinarily resident in the United Kingdom (or in the case of a company which is a beneficiary, not resident in the United Kingdom). The Regulations also make other amendments of a minor nature to the principal Regulations as set out below.\nRegulation 1 provides for citation, commencement and effect, and regulation 2 for interpretation.\nRegulation 3 inserts a definition of “discretionary or accumulation trust” in regulation 2 of the principal Regulations and makes other amendments to that regulation in connection with discretionary or accumulation trusts.\nRegulation 4 inserts in regulation 4 of the principal Regulations a new sub-paragraph enabling gross payments of dividends and interest to be made to discretionary or accumulation trusts where the trustees are not resident in the United Kingdom, and the beneficiaries are not ordinarily resident in the United Kingdom (or, in the case of a company which is a beneficiary, it is not resident in the United Kingdom).\nRegulation 5 updates references to certain statutory provisions in the principal Regulations.\nRegulation 6 extends regulation 11 of the principal Regulations so as to include declarations and undertakings by trustees of discretionary or accumulation trusts as a condition of their entitlement to receive gross payments of dividends and interest.\nRegulation 7 enables the Board of Inland Revenue (“the Board”) to approve a society’s own form of declaration under regulation 11 of the principal Regulations, as an alternative to the society using the form provided by the Board. (Alternative forms can only be used by societies if specifically authorised by the Board).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/223/note",
    "retrieved_at": "2026-10-29T12:53:13.716279+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}