Statutory Instrument 1992 No. 2074

The Income Tax (Manufactured Interest) Regulations 1992

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© Crown Copyright 1992

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1992 No. 2074

INCOME TAX

The Income Tax (Manufactured Interest) Regulations 1992

The Treasury, in exercise of the powers conferred on them by section 737(6), (7A) and (7B) of, and paragraphs 1(1) and 8 of Schedule 23A to, 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 (Manufactured Interest) Regulations 1992 and shall come into force on 24th September 1992.

Interpretation
    2.    In these Regulations unless the context otherwise requires-
"approved manufactured payment" means manufactured interest which is not an unapproved manufactured payment;
"interest manufacturer" has the meaning given by sub-paragraph (1) of paragraph 3 of Schedule 23A;
"the Management Act" means the Taxes Management Act 1970^[2];
"manufactured interest" shall be construed in accordance with paragraph 3 of Schedule 23A;
"market maker" has the meaning given by sub-paragraph (1) of paragraph 1 of Schedule 23A;
"Schedule 23A" means Schedule 23A to the Taxes Act;
"section 737" means section 737 of the Taxes Act;
"the Taxes Act" means the Income and Corporation Taxes Act 1988;
"the Tax Acts" has the meaning given by section 831(2) of the Taxes Act;
"unapproved manufactured payment" has the meaning given by sub-paragraph (1) of paragraph 1 of Schedule 23A as respects manufactured interest;
"United Kingdom securities" has the meaning given by sub-paragraph (1) of paragraph 1 of Schedule 23A.

Introductory
    3.    These Regulations make provision-
 (a) for prescribed manufactured interest to be treated in prescribed circumstances otherwise than as mentioned in paragraph 3(2) of Schedule 23A;
 (b) with respect to the returns which are to be made, and the information which is to be furnished, by interest manufacturers in connection with manufactured interest;
 (c) for a prescribed provision of the Management Act to apply to manufactured interest; and
 (d) for section 737 and Schedule 16 to the Taxes Act to apply with prescribed modifications in connection with manufactured interest.

Scope of the Regulations
    4.    These Regulations apply to manufactured interest on United Kingdom securities.

[1] 1988 c. 1; subsection (6) of section 737 was amended by, and subsections (7A) and (7B) were inserted by, section 58(2) of, and paragraph 3 of Schedule 13 to, the Finance Act 1991 (c. 31); Schedule 23A was inserted by section 58(2) of, and paragraph 1 of Schedule 13 to, the Finance Act 1991. Schedule 23A, and section 737 (as amended by section 58(2) of, and paragraph 3 of Schedule 13 to, the Finance Act 1991) were brought into effect, so far as those provisions relate to manufactured dividends on United Kingdom equities, on 26th February 1992 by S.I. 1992/173 (C.3) and, so far as the provisions relate to manufactured interest on United Kingdom securities, on 30th June 1992 by S.I. 1992/1346 (C.44). back

[2] 1970 c. 9. back

Explanatory Note