Explanatory note

These Regulations amend the Schedule to the Stamp Duty Reserve Tax Regulations 1986 (“the principal Regulations”).

Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.

Regulation 3 amends Part I of the Schedule to the principal Regulations by substituting the entries relating to section 86 of the Taxes Management Act 1970 (“the Management Act”). The effect of the substitution is that, from 1st October 1999, the rate of interest applicable under the section 178 of the Finance Act 1989 in relation to overdue stamp duty reserve tax is the same as that which applies in relation to overdue income tax and capital gains tax.

Regulation 4 amends Part II of the Schedule to the principal Regulations by restating section 86 of the Management Act as modified by regulation 3.