# The Income Tax (Deposit-takers) (Non-residents) Regulations 1992, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations, which come into force on 30th January 1992, are made under section 482(11) and (12) of the Income and Corporation Taxes Act 1988 (“the 1988 Act”). They provide for the giving of a certificate by a deposit-taker where a declaration made to the deposit-taker under section 481(5) (k) of the 1988 Act, that the person beneficially entitled to interest in respect of a deposit is not ordinarily resident in the United Kingdom, does not give the address of the person making it. The making of a declaration in respect of a deposit, supported by a certificate where necessary, enables a deposit-taker to make payments of interest in respect of that deposit without deduction of income tax.
The Regulations make provision for the form and content of the certificate, the circumstances in which a certificate ceases to be valid, the inspection of certificates and the retention by a deposit-taker of declarations and certificates. The Regulations revoke and replace the Income Tax (Composite Rate) (Non-residents) Regulations 1985 (S.I. 1985/1702) (“the 1985 Regulations”) which made similar provision for a certificate to be given by adeposit-taker so as to enable him to make payments of interest without accounting for tax at the composite rate on such payments. The revocation of the 1985 Regulations and the making of these Regulations is in consequence of the abolition of composite rate tax for the year 1991—92 and subsequent years of assessment and its replacement by a requirement (subject to exceptions) to deduct income tax from payments of interest made by deposit-takers.
Regulation 1 provides for citation and commencement.
Regulation 2 contains definitions.
Regulation 3 defines the circumstances in which a certificate is required.
Regulation 4 specifies the information to be contained in the certificate.
Regulation 5 provides that the certificate, to be valid, has to be in a form prescribed or authorised by the Board.
Regulation 6 specifies the circumstances in which a certificate ceases to be valid.
Regulation 7 provides for the inspection of certificates.
Regulation 8 provides for the retention of certificates and declarations.
Regulation 9 revokes the 1985 Regulations and makes consequential provision in relation to certificates given under those Regulations.

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Source: https://www.legislation.gov.uk/uksi/1992/14/note (the official version)
Page: https://openlegislation.uk/income-tax-deposit-takers-non-residents-regulations-1992/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.