# The Manufactured Interest (Tax) Regulations 1997, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations make provision in relation to accounting for tax by certain companies in respect of payments of manufactured interest on United Kingdom securities made to them by interest manufacturers who are not resident in the United Kingdom. The companies in question are those resident in the United Kingdom or companies that are not so resident but receive such payments for the purposes of a trade carried on by them in the United Kingdom through a branch or agency.
Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.
Regulation 3 applies with modifications the provisions of Schedule 16 to the Income and Corporation Taxes Act 1988 (collection of income tax on company payments) in relation to payments of manufactured interest received by the companies referred to above, and also provides that such companies (or any person claiming title through or under them) shall be treated for the purposes of the Tax Acts as if the payment received had borne income tax by deduction.
Regulation 4 makes provision for liability for tax in circumstances where the interest manufacturer in question is in receipt of the real interest of which the manufactured interest is representative.

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Source: https://www.legislation.gov.uk/uksi/1997/992/note (the official version)
Page: https://openlegislation.uk/manufactured-interest-tax-regulations-1997/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.