Income Tax (Building Societies) (Amendment) Regulations 1987
| Jurisdiction | UK Non-devolved |
| Citation | SI 1987/844 |
| Year | 1987 |
1987No. 844
INCOME TAX
The Income Tax (Building Societies) (Amendment) Regulations
1987
8thMay1987
11thMay1987
1stJune1987
The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 343 (1A) of the Income and Corporation Taxes Act 1970, ( a)hereby make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Income Tax (Building Societies) (Amendment) Regulations 1987 and shall come into force on 1st June 1987.
Interpretation
2. In these Regulations "the 1986 Regulations" means the Income Tax (Building Societies) Regulations 1986 ( b) .
Amendments to the 1986 Regulations
3. In regulation 2(1) of the 1986 Regulations-
(a) in paragraph (a) of the definition of "qualifying certificate of deposit" after "£50,000" there shall be inserted "(or, for a deposit denominated in foreign currency, not less than the equivalent of £50,000 at the time when the deposit is made)" ;(b) in paragraph (b) of the definition of "qualifying certificate of deposit"-(i) the words "before the expiry of the period of twelve months" shall be omitted, and(ii) after the word "arises" there shall be inserted "not later than the end of the period of five years" ;(c) in paragraph (a) of the definition of "qualifying time deposit"-(i) the words "in sterling and" shall be omitted, and(ii) after "£50,000" there shall be inserted "(or, for a deposit denominated in foreign currency, not less than the equivalent of £50,000 at the time when the deposit is made)".(a) 1970 c.10; subsection (1A) was inserted in section 343 by section 40(3) of the Finance Act 1985 (c.54) and amended by section 47(1) of the Finance Act 1986 (c.41). Other relevant amendments to section 343 were made by sections 37 and 38 of, and paragraph 40 of Schedule 6 and Part II of Schedule 14 to, the Finance Act 1971 (c.68), section 111 of, and paragraph 22 of Schedule 24 to, the Finance Act 1972 (c.41), section 14 of, and paragraph 5(a) of Schedule 2 to the Finance Act 1978 (c.42), sections 26(5) and 128 of, and Part V of Schedule 23 to, the Finance Act 1984 (c.43), by sections 40 and 98(6) of, and Part V of Schedule 27 to, the Finance Act 1985 (c.54) and by section 47(2) and (3) of the Finance Act 1986.
(b) S.I. 1986/482.
4. In regulation 6(1) of the 1986 Regulations after paragraph (f) there shall be inserted-
"(ff) a payment to a company resident in the United Kingdom, which company is a 51 per cent. subsidiary of the...To continue reading
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