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

Requirements in relation to functions of approved CGO members

9.—(1) An approved CGO member shall not be entitled to place gilt-edged securities in a STAR account unless the requirement specified in paragraph (2) below is satisfied or, as the case may be, the requirements specified in paragraph (3) or (4) below are satisfied.

(2) The requirement specified in this paragraph is that the gilt-edged securities are the securities of the CGO member in his capacity as an eligible person.

(3) The requirements specified in this paragraph are that—

(a) the gilt-edged securities are securities in respect of which the CGO member has obtained a declaration completed in accordance with regulation 8,

(b) the CGO member has no reason to believe, by reference to information in his possession, that the declaration is, or has become, incorrect, or that it does not apply to the gilt-edged securities concerned, and

(c) the eligible person by whom the declaration is made is the person to whom, or on whose direction, interest arising on the gilt-edged securities concerned is to be paid.

(4) The requirements specified in this paragraph are that—

(a) the gilt-edged securities are securities in respect of which the CGO member has received an instruction from an intermediary which is given in accordance with regulation 10(5) and contains all the information required by that regulation,

(b) the intermediary from whom the instruction is received is, by reference to the list referred to in regulation 6(14), a recognised intermediary, and

(c) the CGO member has no reason to believe, by reference to information in his possession, that the gilt-edged securities concerned should not be held in the STAR account.