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The Income Tax (Definition of Unit Trust Scheme) (Amendment) Regulations 1992

S.I. 1992/571 · Made 9 March 1992

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 9th March 1992

Laid before the House of Commons 9th March 1992

Coming into force 31st March 1992

The Treasury, in exercise of the powers conferred on them by section 469(7) of the Income and Corporation Taxes Act 1988f1, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1988 c. 1.

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Amendments to the principal regulations
  4. 4Amendments to the principal regulations
  5. Signature
  6. Explanatory note

1Citation and commencement

These Regulations may be cited as the Income Tax (Definition of Unit Trust Scheme) (Amendment) Regulations 1992 and shall come into force on 31st March 1992.

2Interpretation

In these Regulations “the principal Regulations” means the Income Tax (Definition of Unit Trust Scheme) Regulations 1988f1 and “regulation” means a regulation of those Regulations.

3Amendments to the principal regulations

In regulation 4(2)—

(a)

in paragraph (i) of sub-paragraph (a) after the word “situated” there shall be inserted the words “or formerly situated”;

(b)

in paragraph (ii) of sub-paragraph (a) after the words “so situated” wherever appearing there shall be inserted the words “or formerly situated”; and

(c)

in paragraph (ii) of sub-paragraph (c) after the word “situated” there shall be inserted the words “or formerly situated”.

4Amendments to the principal regulations

After paragraph (3) of regulation 4 there shall be added—

“(4)

References in paragraph (2) of this Regulation to land formerly situated in an enterprise zone or in one or more enterprise zones are references to land on which buildings or structures were constructed where the expenditure on such construction was incurred, or was incurred under a conract entered into, at a time when the land was in an enterprise zone, being a time not more than ten years after the land was first included in an enterprise zone.”.

Signature

Irvine Patnick

Gregory Knight

Two of the Lords Commissioners of Her Majesty’s Treasury

9th March 1992

Explanatory note

(This note is not part of the Regulations)

These Regulations, which come into force on 31st March 1992, are made under section 469(7) of the Income and Corporation Taxes Act 1988, and make amendments to the Income Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/267) (“the principal Regulations”).

These Regulations make amendments to regulation 4 of the principal Regulations (enterprise zone property scheme). Regulation 3 of these Regulations extends regulation 4(2) of the principal Regulations to include land which, at the time when it became subject to the trusts of the scheme, was formerly situated in an enterprise zone. Regulation 4 of these Regulations defines for the purpose of regulation 4(2) of the principal Regulations (as amended by regulation 3 of these Regulations) what is meant by references in regulation 4(2) to land “formerly situated” in an enterprise zone.