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The Income Tax (Stock Lending) (Amendment) Regulations 1996

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This is the original version (as it was originally made). UK Statutory Instruments are not carried in their revised form on this site.

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Income Tax (Stock Lending) Regulations 1989 (S.I. 1989/1299) (“the principal Regulations”).

The amendments are made in consequence of the provisions contained in Chapter II of Part IV of the Finance Act 1996 (c. 8) relating to corporate loan relationships. The provisions in question override the provisions of the principal Regulations relating to arrangements involving securities other than United Kingdom equities, thereby necessitating amendments to the principal Regulations. The amendments also remove all arrangements involving overseas securities from the scope of the principal Regulations, which accordingly now relate only to United Kingdom equities.

Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.

Regulations 3 to 7 make amendments to the principal Regulations so as to take account of the new provisions relating to corporate loan relationships, and to remove the provisions of the principal Regulations that imposed conditions to be fulfilled before stock lending arrangements involving securities other than United Kingdom equities could be approved.

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