Statutory Instrument 1989 No. 36

The Income Tax (Building Societies) (Amendment) Regulations 1989

---

© Crown Copyright 1989

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Income Tax (Building Societies) (Amendment) Regulations 1989, ISBN 011096036X. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1989 No. 36

INCOME TAX

The Income Tax (Building Societies) (Amendment) Regulations 1989

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 476(1) of the Income and Corporation Taxes Act 1988^[1] , hereby make the following Regulations:

Citation and commencement
    1.    These Regulations may be cited as the Income Tax (Building Societies) (Amendment) Regulations 1989 and shall come into force on 6th February 1989.

Interpretation
    2.    In these Regulations the "1986 Regulations" means the Income Tax (Building Societies) Regulations 1986^[2] .

Amendments to the 1986 Regulations
    3.    In Regulation 2(1) of the 1986 Regulations—
 (a) after the definition of "exempt pension fund" there shall be inserted—
""general client account deposit" means a deposit, held by a building society in a client account (other than one which is identified by the building society as one in which sums are held only for one or more particular clients of the person whose account it is) in respect of which that person is required by provision made under any enactment to make payments representing interest to some or all of the clients for whom, or on whose account, he received the sums deposited in the account;"; and
 (b) in the definition of "qualifying time deposit" in paragraph (b) for the words "before the end of the period of twelve months" there shall be substituted "not later than the end of the period of five years" .

    4.    In Regulation 6(1) of the 1986 Regulations—
 (a) after paragraph (g) there shall be inserted—
"(gg) a payment of interest made to a building society on a loan made by a building society;"; and
 (b) after paragraph (h) there shall be inserted—
"(hh) a payment in respect of a general client account deposit;".

A. J. G. Isaac

T. J. Painter

Two of the Commissioners of Inland Revenue

12th January 1989

These Regulations, which come into force on 6th February 1989, further amend the Income Tax (Building Societies) Regulations 1986 ("the 1986 Regulations" ).

Regulation 1 provides for citation and commencement and regulation 2 for interpretation.

Regulation 3 amends Regulation 2(1) of the 1986 Regulation in two respects: paragraph (a) inserts a definition of "general client account deposit" and paragraph (b) amends the definition of "qualifying time deposit" by increasing the maximum specified period before the expiration of which the loan must be repaid from one of less than twelve months beginning on the date the deposit is made to one of five years beginning on that date.

Regulation 4 amends Regulation 6(1) of the 1986 Regulations (gross payments) so that a payment of interest made to a building society by a building society on a loan made by a building society may be a gross payment and so that a gross payment may be made in respect of a general client account deposit.

[1] 1988 c. 1. back

[2] S.I. 1986/482, amended by S.I. 1987/844, 1988/1011. back