Deposit-takers (Interest Payments) (Discretionary or Accumulation Trusts) Regulations 1995
| Jurisdiction | UK Non-devolved |
| Citation | SI 1995/1370 |
1995 No. 1370
INCOME TAX
The Deposit-takers (Interest Payments) (Discretionary or Accumulation Trusts) Regulations 1995
Made 23th May 1995
Laid before the House of Commons 24th May 1995
Coming into force 14th June 1995
The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 482(11)(ab) of the Income and Corporation Taxes Act 19881, hereby make the following Regulations:
Citation, commencement and effect
1.—(1) These Regulations may be cited as the Deposit-takers (Interest Payments) (Discretionary or Accumulation Trusts) Regulations 1995 and shall come into force on 14th June 1995.
(2) These Regulations shall have effect with respect to any payment of interest made on or after 6th April 1996 by a deposit-taker in respect of a deposit made before 6th April 1995 where the interest is income arising to the trustees of a discretionary or accumulation trust.
Interpretation
2. In these Regulations—
“the Board” means the Commissioners of Inland Revenue;
“discretionary or accumulation trust” has the meaning given by section 481(4A) of the Taxes Act2;
“notice” means notice in writing;
“payment” includes “credit”;
“section 480A(1)” and “section 481(5B)”3mean section 480A(1) and section 481(5B) respectively of the Taxes Act;
“the Taxes Act” means the Income and Corporation Taxes Act 1988.
Discretionary or accumulation trust—form of notification
3. A notification given by any of the trustees of a discretionary or accumulation trust for the purposes of section 481(5B) shall be in the form provided by the Board.
Receipt of notification by deposit-taker
4.—(1) On receipt of a notification under section 481(5B), a deposit-taker shall be entitled not to deduct tax pursuant to section 480A(1) from any payment of interest in respect of the deposit to which the notification relates and which is made in the circumstances specified in paragraph (2) below.
(2) The circumstances specified in this paragraph are where the payment is made within the period of 30 days following receipt of the notification, and at the time of the making of the payment it has not become reasonably practicable for the deposit-taker to deduct tax pursuant to section 480A(1).
Cancellation of notification
5. If the Board are satisfied, at any...
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