Explanatory note

These Regulations make a consequential amendment and revocations following the repeal of Section 17 of the Taxes Management Act 1970 by paragraph 51 of Schedule 23 to the Finance Act 2011 (c. 11) (data-gathering powers) (“Schedule 23”). There is no power in Schedule 23 to make consequential amendments or revocations.

Regulation 2 of these Regulations amends the Reporting of Savings Income Information Regulations 2003 (S.I. 2003/3297). It makes a consequential amendment to replace the reference to section 17 of the Taxes Management Act 1970 (c. 9) with a reference to paragraph 1 of Schedule 23. It also corrects a minor error in regulations 10(2)(c) and 12(2)(d) of those regulations.

Regulation 3 revokes the Income Tax (Interest Payments) (Information Powers) Regulations 1992 (S.I. 1992/15) and its amending instruments from 31st March 2012. Schedule 23 comes into force on 1st April 2012. The provisions in these regulations will be replaced by the Data-gathering Powers (Relevant Data) Regulations 2012.

A Tax Information and Impact Note has not been prepared for this instrument as it contains no substantive changes to tax policy.