Explanatory note

These Regulations provide for the management of stamp duty reserve tax imposed by Part IV of the Finance Act 1986.

Regulation 1 gives the title and commencement date and Regulation 2defines terms used.

Regulation 3 provides the date by which tax must be paid.

Regulation 4 provides for the giving of notice of charge to the Inland Revenue and for the payment of tax.

Regulation 5 enables the Inland Revenue to obtain information.

Regulation 6 enables the Inland Revenue to determine matters specified in a notice of determination.

Regulation 7 enables certain persons to claim to be relieved of liability to pay tax.

Regulations 8–10 provide for the giving of notices of appeal and late appeals.

Regulation 11 provides that interest shall be paid on overpaid tax that is repaid.

Regulation 12 provides for the recovery of tax and Regulation 13 makes provision in respect of underpayments of tax.

Regulation 14 provides for the repayment of tax overpaid together with any interest paid on such tax.

Regulation 15 provides that certain records shall be made available for inspection by the Inland Revenue.

Regulation 16 provides that certain certificates shall be admissible in evidence.

Regulation 17 provides that tax liability shall remain unaltered notwithstanding a subsequent legal decision or changed view of the law.

Regulation 18 provides for the recovery of over repayments of tax and overpayments of interest.

Regulation 19 provides for the service of documents.

Regulation 20 applies the provisions of Taxes Management Act 1970 specified in the first column of the Table in Part I of the Schedule to the Regulations, with the modifications specified in the second column of that Table. Those provisions, as modified where appropriate, are set out in Part II of the Schedule.

Regulation 21 disapplies certain provisions of the Inland Revenue Regulation Act 1890.