OpenLegislation

The Stock Lending and Manufactured Payments (Revocations and Amendments) Regulations 1997

S.I. 1997/987 · Made 20 March 1997

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 20th March 1997

Laid before the House of Commons 20th March 1997

Coming into force 1st July 1997

The Treasury, in exercise of the powers conferred on them by sections 51B(1) to (4), 129 and 737(6), (7A) and (7B) of, and paragraphs 1(1), (2)(b) and 8 of Schedule 23A to, the Income and Corporation Taxes Act 1988f1, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1988 c. 1. Section 51B was inserted by section 78(1) of the Finance Act 1995 (c. 4). Section 129 was amended by section 57 of the Finance Act 1991 (c. 31), paragraph 14(8) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 (c. 12), and section 84(1) to (4) of, and Part VIII(9) of Schedule 29 to, the Finance Act 1995. Subsection (6) of section 737 was amended by paragraph 3(6), and subsections (7A) and (7B) were inserted by paragraph 3(7), of Schedule 13 to the Finance Act 1991. Schedule 23A was inserted by paragraph 1 of Schedule 13 to the Finance Act 1991, and paragraph 8 of Schedule 23A was amended by section 159(7) and (8) of the Finance Act 1996 (c. 8). See also the definitions of “dividend manufacturing regulations” and “unapproved manufactured payment” in paragraph 1(1) of Schedule 23A.

Contents

  1. 1Citation and commencement
  2. 2Revocations—Stock Lending Regulations
  3. 3Revocation—Dividend Manufacturing Regulations
  4. 4Revocation—Manufactured Interest Regulations
  5. 5Revocation—Unapproved Manufactured Payments Regulations
  6. 6Revocation—Manufactured Dividends (Tradepoint) Regulations
  7. 7Amendments—Gilt-edged Securities Regulations
  8. 8Amendments—Manufactured Overseas Dividends Regulations
  9. Signature
  10. Schedule 1REVOCATIONS—STOCK LENDING REGULATIONS
  11. Schedule 2REVOCATIONS—MANUFACTURED INTEREST REGULATIONS
  12. Explanatory note

1Citation and commencement

These Regulations may be cited as the Stock Lending and Manufactured Payments (Revocations and Amendments) Regulations 1997 and shall come into force on 1st July 1997.

2Revocations—Stock Lending Regulations

The Regulations specified in Schedule 1 to these Regulations are hereby revoked except in relation to any arrangement mentioned in subsection (1), (2) or (2A) of section 129 of the Income and Corporation Taxes Act 1988 that is entered into before 1st July 1997.

3Revocation—Dividend Manufacturing Regulations

The Income Tax (Dividend Manufacturing) Regulations 1992f1 are hereby revoked except in relation to any payment of a manufactured dividend to which those Regulations apply that is made before 1st July 1997.

4Revocation—Manufactured Interest Regulations

The Regulations specified in Schedule 2 to these Regulations are hereby revoked except in relation to any payment of manufactured interest to which those Regulations apply that is made before 1st July 1997.

5Revocation—Unapproved Manufactured Payments Regulations

The Income Tax (Unapproved Manufactured Payments) Regulations 1996f1 are hereby revoked except in relation to any payment of a manufactured dividend to which those Regulations apply that is made before 1st July 1997.

6Revocation—Manufactured Dividends (Tradepoint) Regulations

The Income Tax (Manufactured Dividends) (Tradepoint) Regulations 1995f1 are hereby revoked except in relation to any payment of a manufactured dividend to which those Regulations apply that is made before 1st July 1997.

7Amendments—Gilt-edged Securities Regulations

(1)

In each of the provisions specified in paragraph (2), for “3A” there shall be substituted “3A(2)(a)”.

(2)

The provisions specified are—

(a)

the definition of “manufactured payment” in regulation 2(1) of the Gilt-edged Securities (Periodic Accounting for Tax on Interest) Regulations 1995f1;

(b)

the definition of “manufactured payment” in regulation 2(1) of the Lloyd’s Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995f2;

(c)

regulation 6 of the Insurance Companies (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995f3, in sub-paragraphs (5)(b) and (15) of the inserted paragraph 1A of Schedule 19AB to the Income and Corporation Taxes Act 1988.

8Amendments—Manufactured Overseas Dividends Regulations

(1)

The Income Tax (Manufactured Overseas Dividends) Regulations 1993f1 shall be amended in accordance with paragraphs (2) to (4).

(2)

In regulation 2B(1)f2 the words “, and paragraph 5”, shall be omitted.

(3)

Regulation 7Af3 shall be omitted.

(4)

Regulation 16f4 shall be omitted.

(5)

The omission of regulation 16 by paragraph (4) shall have effect in relation to—

(a)

transactions entered into on or after 1st July 1997 in respect of which information may be obtained under section 21 of the Taxes Management Act 1970f5, and

(b)

payments made on or after that date (whether under transactions entered into before, or under transactions entered into on or after, that date) in respect of which information may be obtained under that section.

Signature

Roger Knapman

Richard Ottaway

Two of the Lords Commissioners of Her Majesty’s Treasury

20th March 1997

Schedule 1REVOCATIONS—STOCK LENDING REGULATIONS

Regulations revokedReferences
The Income Tax (Stock Lending) Regulations 1989.S.I. 1989/1299.
The Income Tax (Stock Lending) (Amendment) Regulations 1990.S.I. 1990/2552.
The Income Tax (Stock Lending) (Amendment) Regulations 1992.S.I. 1992/572.
The Income Tax (Stock Lending) (Amendment) Regulations 1993.S.I. 1993/2003.
The Income Tax (Stock Lending) (Amendment) Regulations 1995.S.I. 1995/1283.
The Income Tax (Stock Lending) (Amendment No. 2) Regulations 1995.S.I. 1995/3219.
The Income Tax (Stock Lending) (Amendment) Regulations 1996.S.I. 1996/1228.

Schedule 2REVOCATIONS—MANUFACTURED INTEREST REGULATIONS

Regulations revokedReferences
The Income Tax (Manufactured Interest) Regulations 1992.S.I. 1992/2074.
The Income Tax (Manufactured Interest) (Amendment) Regulations 1995.S.I. 1995/3221.
The Income Tax (Manufactured Interest) (Amendment) Regulations 1996.S.I. 1996/1227.

Explanatory note

(This note is not part of the Regulations)

These Regulations revoke certain Regulations, and amend other Regulations, relating to stock lending arrangements and manufactured payments. The revocations and amendments reflect changes to simplify the tax treatment of stock lending arrangements and manufactured payments made by Schedule 10 to the Finance Act 1997 (c. 16).

Regulation 1 provides for citation and commencement.

Regulation 2 and Schedule 1 revoke the Income Tax (Stock Lending) Regulations 1989 (S.I. 1989/1299), together with subsequent Regulations amending those Regulations, in relation to stock lending arrangements entered into on or after 1st July 1997.

Regulation 3 revokes the Income Tax (Dividend Manufacturing) Regulations 1992 (S.I. 1992/569) in relation to payments of manufactured dividends on United Kingdom equities made on or after 1st July 1997.

Regulation 4 and Schedule 2 revoke the Income Tax (Manufactured Interest) Regulations 1992 (S.I. 1992/2074), together with subsequent Regulations amending those Regulations, in relation to payments of manufactured interest made on or after 1st July 1997.

Regulation 5 revokes the Income Tax (Unapproved Manufactured Payments) Regulations 1996 (S.I. 1996/1226) in relation to payments of manufactured dividends on United Kingdom equities made on or after 1st July 1997.

Regulation 6 revokes the Income Tax (Manufactured Dividends) (Tradepoint) Regulations 1995 (S.I. 1995/2052) in relation to payments of manufactured dividends on United Kingdom equities made on or after 1st July 1997.

Regulation 7 makes amendments to three sets of Regulations relating to gilt-edged securities in consequence of an amendment made to Schedule 23A to the Income and Corporation Taxes Act 1988 (manufactured payments and interest) (“Schedule 23A”) by paragraph 11(1) of Schedule 10 to the Finance Act 1997. Those Regulations are the Gilt-edged Securities (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I. 1995/3224), the Lloyd’s Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations (S.I. 1995/3225) and the Insurance Companies (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I. 1995/3223).

Regulation 8 amends the Income Tax (Manufactured Overseas Dividends) Regulations 1993 (S.I. 1993/2004) in consequence of the amendments made to Schedule 23A by paragraphs 12 and 14 of Schedule 10 to the Finance Act 1997.