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The Tax-exempt Special Savings Account (Amendment) Regulations 1996

S.I. 1996/844 · Made 19 March 1996

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 19th March 1996

Laid before the House of Commons 19th March 1996

Coming into force 6th April 1996

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 326C(1) of the Income and Corporation Taxes Act 1988f1, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1988 c. 1; section 326C(1) was inserted by section 28(1) of the Finance Act 1990 (c. 29) and amended by section 62(3) and (4) of the Finance Act 1995 (c. 4).

Contents

  1. 1Citation, commencement and effect
  2. 2Interpretation
  3. 3Amendments to the principal Regulations
  4. 4Amendments to the principal Regulations
  5. Signature
  6. Explanatory note

1Citation, commencement and effect

(1)

These Regulations may be cited as the Tax-exempt Special Savings Account (Amendment) Regulations 1996 and shall come into force on 6th April 1996.

(2)

Regulation 3 has effect as respects transfers of accounts on or after 6th April 1996.

2Interpretation

In regulations 3 and 4 “the principal Regulations” means the Tax-exempt Special Savings Account Regulations 1990f1 and “regulation” means a regulation of those Regulations.

3Amendments to the principal Regulations

In regulation 7f1—

(a)

in paragraph (4)(a) for the words “basic rate when it was paid or credited” there shall be substituted the words “applicable rate”;

(b)

after paragraph (4) there shall be inserted—

“(4A)

In paragraph (4)(a) “the applicable rate” means—

(a)

in the case of an amount of interest, dividend or bonus paid or credited before 6th April 1996, the basic rate for the year of assessment in which the amount was paid or credited; and

(b)

in any other case, the lower rate for the year of assessment in which it was paid or credited.”

4Amendments to the principal Regulations

In regulation 11f1 before paragraph (f) there shall be inserted the word “; or”.

Signature

A. M. W. Battishill

S. C. T. Matheson

Two of the Commissioners of Inland Revenue

19th March 1996

Explanatory note

(This note is not part of the Regulations)

These Regulations, which come into force on 6th April 1996, further amend the Tax-exempt Special Savings Account Regulations 1990 (S.I. 1990/2361; amended by S.I. 1995/1929 and 3239) (“the principal Regulations”).

Regulation 1 provides for citation, commencement and effect.

Regulation 2 contains definitions.

Regulation 3 substitutes a reference to income tax at the applicable rate for the reference to income tax at the basic rate in regulation 7(4)(a) of the principal Regulations and provides that, in the case of an amount of interest, dividend or bonus paid or credited before 6th April 1996, the applicable rate is the basic rate for the year of assessment in which the amount was paid or credited and in any other case is the lower rate for the year of assessment in question.

Regulation 4 corrects a drafting error in regulation 11 of the principal Regulations as amended by the Tax-exempt Special Savings Account (Relevant European Institutions) Regulations 1995 (S.I. 1995/3239).