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The Income Tax (Deposit-takers) (Interest Payments) (Amendment) Regulations 2001
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- 2001 No. 406
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Income Tax (Deposit-takers) (Interest Payments) Regulations 1990 (S.I. 1990/2232) (“the principal Regulations”) in relation to payments of interest by deposit-takers made or received on or after 6th April 2001 and declarations made on or after that date to the effect that the person beneficially entitled to a payment of interest is not ordinarily resident in the United Kingdom.
Regulation 1 provides for citation, commencement and effect, and regulation 2 for interpretation.
Regulation 3 introduces regulations 4 to 8.
Regulation 4 inserts definitions of “electronic communication” and “electronic signature” in regulation 2 of the principal Regulations by reason of the amendments made by regulations 7 and 8.
Regulations 5 to 7 amend regulation 5 of the principal Regulations in relation to cases where certificates of non-liability to tax under that regulation are made otherwise than in writing. Regulation 6(a) also updates a reference in regulation 5 to a provision of the Income and Corporation Taxes Act 1988 (c. 1).
Regulation 8 adds regulation 14 to the principal Regulations so as to provide that declarations that the person beneficially entitled to the payment of deposit interest is not ordinarily resident in the United Kingdom may be made by means of electronic communication.
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