Regulation 7 Amendments to the Income Tax (Interest Payments) (Information Powers) Regulations 1992

(1)

Amend regulation 6 as follows.

(2)

In paragraph (1) for the words “which, subject to regulation 4,” substitute “relating to payments in respect of deposits which, subject to regulations 3 and 4,”.

(3)

After paragraph (1) insert the following paragraph—

“(1A)

Paragraph (3) prescribes the further information relating to payments and receipts of interest other than payments in respect of deposits which, subject to regulations 3 and 4, is to be furnished with section 18 information.”.

(4)

In paragraph (2)—

(a)

in sub-paragraph (b) omit “each of whom was beneficially entitled to the payment”;

(b)

after sub-paragraph (b) insert the following sub-paragraphs—

“(ba)

where the payment was made without deduction of tax by virtue of a declaration made after 5th April 2001 under section 481(5)(k)(i)^f1 of the Taxes Act—

(i)

the name and principal residential address of the individual beneficially entitled to the payment or, if more than one, of each individual beneficially entitled to the payment; or

(ii)

where the person beneficially entitled to the payment is a Scottish partnership, all the partners in which are individuals, the name and principal residential address of each of the partners;

(bb)

in a case falling within sub-paragraph (ba), notification of the fact that the account in respect of which the payment was made was one in respect of which a declaration had been made as mentioned in that sub-paragraph;”.

(5)

After paragraph (2) add the following paragraphs—

“(3)

The further information prescribed by this paragraph is—

(a)

identification of the security or investment in respect of which the payment was made or received;

(b)

where the payment or receipt was in a currency other than sterling and the amount of the payment or receipt is recorded in that currency as part of section 18 information, notification of the fact that the amount is so recorded and specification of the currency concerned;

(c)

where the payment was made to, or the receipt was for, two or more persons, notification of that fact and, if known, the number of such persons;

(d)

where the payment was made without deduction of tax by virtue of a declaration made under—

(i)

section 468O(1)(a) of the Taxes Act^f2 (interest distribution by authorised unit trust—residence condition of unit holder), or

(ii)

regulation 3 of the Open-ended Investment Companies (Tax) Regulations 1997^f3 taken together with section 468O(1)(a) of the Taxes Act (interest distribution by open-ended investment company—residence condition of owner of share in open-ended investment company),

the name and principal residential address of the person beneficially entitled to the payment or, if more than one, of each person beneficially entitled to the payment;

(e)

in a case falling within sub-paragraph (d), notification of the fact that the unit holder or, as the case may be, the owner of a share was a person in respect of whom a declaration had been made as mentioned in that sub-paragraph.

(4)

In paragraph (1A) the reference to “interest” includes a reference to a dividend or other amount treated as interest by virtue of subsection (3E), read with subsections (3F) and (3G), of section 18 of the Management Act^f4.”.

Annotations

Footnotes

f1: Setion 481(5)(k) was amended by section 86(3) of, and Part VIII(11) of Schedule 29 to, the Finance Act 1995.
f2: Section 468O was inserted by paragraph 2 of Schedule 14 to the Finance Act 1994 (c. 9).
f3: S.I. 1997/1154.
f4: Subsections (3D) to (3G) of section 18 were substituted for subsection (3D) of that section by section 145(9) of the Finance Act 2000.