The Income Tax (Gilt-edged Securities) (Gross Payments of Interest) Regulations 1995

Retention of documents

15.—(1) An approved CGO member or a recognised intermediary shall retain, for the period specified in paragraph (2) below—

(a) any declaration or instruction obtained by him pursuant to these Regulations on the basis of which gilt-edged securities were placed, or arranged to be placed, by him in a STAR account;

(b) any document containing details of any contract or arrangements referred to in any such instruction by virtue of which the gilt-edged securities to which the instruction relates were received for the recognised intermediary giving the instruction.

(2) The period specified—

(a) in the case of a CGO member, is the period which commences on the date on which the securities were placed in the STAR account and ends on—

(i) the date which is two years after the securities cease to be held in that account in reliance upon the declaration or instruction concerned (whether or not the CGO member ceases to act in that capacity before the end of the period), or

(ii) such earlier date as is agreed between the Board and the CGO member;

(b) in the case of a recognised intermediary, is the period which commences on the date on which he gave an instruction for securities to be placed in the STAR account and ends on—

(i) the date which is two years aftear the securities cease to be held in that account in reliance upon the declaration or instruction concerned (whether or not the intermediary ceases to act in that capacity before the end of the period), or

(ii) such earlier date as is agreed between the Board and the intermediary.