Amendment to the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990

2.—(1) Amend the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990(1) as follows.

(2) In regulation 2 after paragraph (3) insert—

“(4) References in these Regulations to payments of interest in respect of an investment include alternative finance return and profit share return paid or credited under relevant arrangements.

(5) In paragraph (4)—

• “alternative finance return” shall be read in accordance with section 47(6) and (7) of the Finance Act 2005;

• “profit share return” has the meaning given in section 49(2) of the Finance Act 2005;

• “relevant arrangements” has the meaning given in paragraph 1 of Schedule 2 to the Finance Act 2005.”.

(1)

S.I. 1990/2231.