Explanatory note
(This note is not part of the 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).