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The Deposit-takers (Interest Payments) (Discretionary or Accumulation Trusts) Regulations 1995
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- 1995 No. 1370
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
By virtue of section 481(5B) of the Income and Corporation Taxes Act 1988 (inserted by section 86(4) of the Finance Act 1995), the requirement for deposit-takers to deduct tax from any payment of interest made on or after 6th April 1996 to a discretionary or accumulation trust in respect of a deposit does not apply where the deposit was made before 6th April 1995, unless the deposit-taker has been given a notification by the Inland Revenue or by the trustees concerned prior to the making of the payment that interest in respect of the deposit is income arising to such a trust. These Regulations make provision in relation to such notifications.
Regulation 1 provides for citation, commencement and effect, and regulation 2 contains definitions.
Regulation 3 provides for the form of notification where the notification is given by the trustees of a discretionary or accumulation trust.
Regulation 4 makes provision in relation to the circumstances in which a deposit-taker is entitled to delay deducting tax from payments of interest to a discretionary or accumulation trust following receipt of a notification.
Regulation 5 provides for the cancellation of a notification.
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