# The Income Tax (Stock Lending) (Amendment No. 2) Regulations 1995, Regulation 3: Amendments to the principal Regulations


In regulation 2 (1)—
(a) before the definition of “Board” there shall be inserted the following definitions—
““approved agent” means a person who, at the time when the arrangement mentioned in subsection (1) is made, is approved as an agent by the Board for the purposes of these Regulations;
“approved lender” means a person who, at the time when the arrangement mentioned in subsection (1) is made, is approved as a lender by the Board for the purposes of these Regulations;
“approved nominee” means a person who, at the time when the arrangement mentioned in subsection (1) is made, is approved as a nominee by the Board for the purposes of these Regulations;
“approved stock borrowing and lending intermediary” means a person who, at the time when the arrangement mentioned in subsection (1) is made—
(a) is—
(i) a member of the Stock Exchange, and
(ii) a stock borrowing and lending intermediary within the rules of the Stock Exchange acting in that capacity in connection with the arrangement; and
(b) is approved as a stock borrowing and lending intermediary by the Board for the purposes of these Regulations;”;
(b) after the definition of “Board of directors” there shall be inserted the following definition—
““first borrower” in relation to a chain of arrangements means the person referred to as A in the principal section;”;
(c) for the definition of “gilt-edged securities” there shall be substituted the following definitions—
““gilt-edged securities” has the meaning given by section 51A (7) of the Taxes Act 1988;
“last lender” in relation to a chain of arrangements means the lender at the end of a chain of arrangements that commences with the arrangement between the persons referred to as A and B in the principal section;”;
(d) in the definition of “section 271 (9)” for the words “Taxation of Chargeable Gains Act 1992” there shall be substituted the words “1992 Act”;
(e) after the definition of “the Taxes Act 1988” there shall be inserted the following definition—
““the 1992 Act” means the Taxation of Chargeable Gains Act 1992;”.

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Source: https://www.legislation.gov.uk/uksi/1995/3219/regulation/3 (the official version)
Page: https://openlegislation.uk/income-tax-stock-lending-amendment-no-2-regulations-1995/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.