# The Income Tax (Stock Lending) (Amendment) Regulations 1995

S.I. 1995/1283 · made 11 May 1995

These Regulations make two amendments to the Income Tax (Stock Lending) Regulations 1989 (S.I. 1989/1299) (“the principal Regulations”) which specify the conditions which must be fulfilled before the tax reliefs conferred by section 129(3) of the Income and Corporation Taxes Act 1988 and section 271(9) of the Taxation of Chargeable Gains Act 1992 (c. 12) (“the tax reliefs”) are obtained.

Made under: Income and Corporation Taxes Act 1988 (Section 129)

## Introductory text

INCOME TAX
Made 11th May 1995
Laid before the House of Commons 12th May 1995
Coming into force 19th June 1995
The Treasury, in exercise of the powers conferred on them by section 129(4) of the Income and Corporation Taxes Act 1988, hereby make the following Regulations:

## 1 Citation and commencement

These Regulations may be cited as the Income Tax (Stock Lending) (Amendment) Regulations 1995 and shall come into force on 19th June 1995.

## 2 Interpretation

In these Regulations “the principal Regulations” means the Income Tax (Stock Lending) Regulations 1989 and “regulation” means a regulation of those Regulations.

## 3 Amendments to the principal Regulations

In regulation 2(1), in the definition of “other United Kingdom securities”, for the word “Third” there shall be substituted the words “Alternative Investment”.

## 4 Amendments to the principal Regulations

In regulation 6A(1)(k)(i), for the words “required as a hedge against the likelihood of his having to deliver” there shall be substituted the words “required to be sold as a hedge against the likelihood of his having to receive”.

## Signature

Derek Connay
Timothy Kirkhope
Two of the Lords Commissioners of Her Majesty’s Treasury
11th May 1995

## Explanatory note

(This note is not part of the Regulations)
These Regulations make two amendments to the Income Tax (Stock Lending) Regulations 1989 (S.I. 1989/1299) (“the principal Regulations”) which specify the conditions which must be fulfilled before the tax reliefs conferred by section 129(3) of the Income and Corporation Taxes Act 1988 and section 271(9) of the Taxation of Chargeable Gains Act 1992 (c. 12) (“the tax reliefs”) are obtained.
The first amendment is to the definition of “other United Kingdom securities” in regulation 2(1) of the principal Regulations. The amendment removes an obsolete reference to the Third Market of the Stock Exchange, a market which closed on 31st December 1990, and substitutes a new reference to the Alternative Investment Market of the Stock Exchange which is to be opened for trading on 19th June 1995. Regulation 4(1) of the principal Regulations (as substituted by regulation 5 of S.I. 1993/2003) provides that the tax reliefs do not apply to stock lending arrangements relating to other United Kingdom securities unless the conditions specified in regulation 6 of the principal Regulations are fulfilled.
The second amendment, which is of a drafting nature, is to regulation 6A of the principal Regulations which specifies the conditions to be fulfilled where the transfer is of United Kingdom equity securities to members of the London International Financial Futures and Options Exchange.

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Source: https://www.legislation.gov.uk/uksi/1995/1283 (the official version)
Page: https://openlegislation.uk/income-tax-stock-lending-amendment-regulations-1995
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.