# The Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 2005

S.I. 2005/3474 · made 16 December 2005

These Regulations amend the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 (S.I. 1990/2331) so that payments by building societies of alternative finance return or profit share return in relation to certain alternative finance arrangements (introduced by sections 46 to 57 of, and Schedule 2 to, the Finance Act 2005 (c. 7)) can be paid without deduction of tax.

Made under: Income and Corporation Taxes Act 1988 (Section 477A)

PDFs: Printed copy https://openlegislation.uk/income-tax-building-societies-dividends-and-interest-amendment-regulations-2005/pdf/uksi_20053474_en.pdf; Explanatory Memorandum https://openlegislation.uk/income-tax-building-societies-dividends-and-interest-amendment-regulations-2005/pdf/uksiem_20053474_en.pdf

## Introductory text

INCOME TAX
Made 16th December 2005
Laid before Parliament 19th December 2005
Coming into force 9th January 2006
The Commissioners for Her Majesty’s Revenue and Customs, in exercise of the powers conferred by section 477A(1) of the Income and Corporation Taxes Act 1988, and now exercisable by them, make the following Regulations:

## 1 Citation and commencement

These Regulations may be cited as the Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 2005 and shall come into force on 9th January 2006.

## 2 Amendment to the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990

(1) Amend the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 as follows.
(2) In regulation 2 after paragraph (3) insert—
“(4) References in these Regulations to payments of interest in respect of an investment include alternative finance return and profit share return paid or credited under relevant arrangements.
(5) In paragraph (4)—
“alternative finance return” shall be read in accordance with section 47(6) and (7) of the Finance Act 2005;
“profit share return” has the meaning given in section 49(2) of the Finance Act 2005;
“relevant arrangements” has the meaning given in paragraph 1 of Schedule 2 to the Finance Act 2005.”.

## Signature

D. A. Hartnett
Paul R. C. Gray
Two of the Commissioners for Her Majesty’s Revenue and Customs
16th December 2005

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 (S.I. 1990/2331) so that payments by building societies of alternative finance return or profit share return in relation to certain alternative finance arrangements (introduced by sections 46 to 57 of, and Schedule 2 to, the Finance Act 2005 (c. 7)) can be paid without deduction of tax.
This Order imposes no new costs on business.

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Source: https://www.legislation.gov.uk/uksi/2005/3474 (the official version)
Page: https://openlegislation.uk/income-tax-building-societies-dividends-and-interest-amendment-regulations-2005
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.