Statutory Instrument 1996 No. 1015

The Gilt-edged Securities (Periodic Accounting for Tax on Interest) (Amendment) Regulations 1996

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1996 No. 1015

INCOME TAX

The Gilt-edged Securities (Periodic Accounting for Tax on Interest) (Amendment) Regulations 1996

The Treasury, in exercise of the powers conferred on them by section 51B(1) to (4) of the Income and Corporation Taxes Act 1988^[1], hereby make the following Regulations:

    1.—(1)  These Regulations may be cited as the Gilt-edged Securities (Periodic Accounting for Tax on Interest) (Amendment) Regulations 1996 and shall come into force on 22nd April 1996.

    (2)  These Regulations have effect as respects cheques received on or after the day on which these Regulations come into force.

    2.—(1)  The Gilt-edged Securities (Periodic Accounting for Tax on Interest) Regulations 1995^[2] shall be amended as follows.

    (2)  The paragraph set out in paragraph (3) below shall be inserted—
 (a) in regulation 16 after paragraph (2) as paragraph (3);
 (b) in regulation 19 after paragraph (5) as paragraph (6); and
 (c) in regulation 20 after paragraph (9) as paragraph (10).

    (3)  The paragraph referred to in paragraph (2) above is—
"For the purposes of this regulation, where—
(a) any payment to an officer of the Board is made by cheque, and

(b) the cheque is paid on its first presentation to the banker on whom it is drawn,

the payment shall be treated as made on the day on which the cheque was received by the officer of the Board."

Derek Conway

Bowen Wells

Two of the Lords Commissioners of Her Majesty's Treasury

1st April 1996

These Regulations make amendments to the Gilt-edged Securities (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I., 1995/3224) ("the principal Regulations").

The amendments have been made against the background of the taking effect of section 70A of the Taxes Management Act 1970 (c. 9) ("section 70A") (as inserted by paragraph 22 of Schedule 19 to the Finance Act 1994 (c. 9)). Section 70A has effect as respects cheques received on or after 6th April 1996; and provides that, for the purposes of the Taxes Management Act 1970 and the provisions mentioned in subsection (2) of that section, where a payment to an officer of the Board of Inland Revenue or to the Board is made by cheque, and the cheque is paid on its first presentation, the payment shall be treated as made on the day on which the cheque was received by the officer or the Board.

These Regulations amend the principal Regulations so as to make provision corresponding to that made by section 70A in the following cases, namely, payment of tax (regulation 16 of the principal Regulations), interest where amounts of tax for which a company is accountable under the principal Regulations have not been paid by the due date (regulation 19 of the principal Regulations) and interest where a payment on account has been made which exceeds the amount of tax for which a company is ultimately accountable (regulation 20 of the principal Regulations).

[1] 1988 c. 1; section 51B was inserted by section 78(1) of the Finance Act 1995 (c. 4). back

[2] S.I. 1995/3224. back