# The Income Tax (Paying and Collecting Agents) (Amendment) Regulations 1997, Regulation 7: Amendments to the principal Regulations


After regulation 3 there shall be inserted the following regulation—
“Declaration by depositary for recognised clearing system—manufactured overseas dividends
3A (1) Subsection (1) of section 118G shall not apply as regards a relevant receipt to which regulation 2M(2) applies unless the condition prescribed by paragraph (2) is fulfilled.
(2) The condition prescribed is that the depositary referred to in regulation 2M(2) has made a declaration to the collecting agent concerned, in the form required by the Board, containing the information specified in paragraph (3) and the undertaking specified in paragraph (4).
(3) The information specified is—
(a) the full name of the recognised clearing system;
(b) the full name of the depositary;
(c) the address of the principal place of business of the depositary;
(d) the full name of the collecting agent to whom the declaration is made;
(e) a statement by the depositary that the relevant receipts payable by the collecting agent, or for which the collecting agent is accountable, are payable or accountable to or at the direction of the depositary in his capacity as depositary for the recognised clearing system;
(f) a statement by the depositary that the information contained in the declaration is correct to the best of his knowledge and belief.
(4) The undertaking specified is an undertaking that the depositary will notify the collecting agent to whom the declaration is made of any relevant receipts to which the declaration does not apply, or has ceased to apply.
(5) A declaration under paragraph (2) shall be signed by an officer of the depositary authorised for that purpose, stating the capacity in which he signs.
(6) A declaration under paragraph (2) shall have effect in relation to any relevant receipts arising to the depositary that are paid or accounted for by the collecting agent after the declaration is made to the agent, unless and until the agent—
(a) receives a notification relating to those receipts in accordance with the undertaking contained in the declaration,
(b) receives a notice from the Board under regulation 10(2) relating to those receipts, or
(c) has reason to believe, by reference to information in his possession, that the declaration is, or has become, incorrect as respects those receipts.”

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Source: https://www.legislation.gov.uk/uksi/1997/2705/regulation/7 (the official version)
Page: https://openlegislation.uk/income-tax-paying-and-collecting-agents-amendment-regulations-1997/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.