# The Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 1996, Regulation 3: Amendments to the principal Regulations


(1) Regulation 2 shall be renumbered as paragraph (1) of that regulation.
(2) In regulation 2(1)—
(a) in the definition of “the appropriate person” for the words “as a personal representative in his capacity as such” there shall be substituted the words “in his capacity as a personal representative or as a trustee of a discretionary or accumulation trust”;
(b) after the definition of “the Board” there shall be inserted—
““discretionary or accumulation trust” means a trust which is such that some or all of any income arising to the trustees would fall (unless treated as income of the settlor or applied in defraying expenses of the trustees) to be comprised for the year in which it arises in income to which section 686 of the Taxes Act (liability to additional rate tax of certain income of discretionary trusts) applies;”.
(3) After regulation 2(1) there shall be added the following paragraphs—
“(2) References in these Regulations to a beneficiary in relation to a discretionary or accumulation trust are references to any person who, as a person falling wholly or partly within any description of actual or potential beneficiaries, is either —
(a) a person who is, or will or may become, entitled under the trust to receive the whole or any part of any income under the trust; or
(b) a person to or for the benefit of whom the whole or any part of any such income may be paid or applied in exercise of any discretion conferred by the trust.
(3) References in paragraph (2) to income under the trust include references to so much (if any) of any property falling to be treated as capital under the trust as represents amounts originally received by the trustees as income.”.

---
Source: https://www.legislation.gov.uk/uksi/1996/223/regulation/3 (the official version)
Page: https://openlegislation.uk/income-tax-building-societies-dividends-and-interest-amendment-regulations-1996/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.