The Income Tax (Manufactured Overseas Dividends) (Amendment) Regulations 2001

Statutory Instruments

2001 No. 403

INCOME TAX

The Income Tax (Manufactured Overseas Dividends) (Amendment) Regulations 2001

Made

15th February 2001

Laid before the House of Commons

16th February 2001

Coming into force

9th March 2001

The Treasury, in exercise of the powers conferred upon them by paragraphs 1(1) and 8 of Schedule 23A to the Income and Corporation Taxes Act 1988(1), hereby make the following Regulations:

Citation, commencement and effect

1.—(1) These Regulations may be cited as the Income Tax (Manufactured Overseas Dividends) (Amendment) Regulations 2001 and shall come into force on 9th March 2001.

(2) These Regulations shall have effect in relation to manufactured overseas dividends paid or received on or after 1st April 2001.

(3) In paragraph (2) “manufactured overseas dividend” has the meaning given by paragraph 4(1) of Schedule 23A to the Income and Corporation Taxes Act 1988.

Amendment to the Income Tax (Manufactured Overseas Dividends) 1993

2.—(1) Amend regulation 2(1) of the Income Tax (Manufactured Overseas Dividends) Regulations 1993(2) as follows.

(2) For the definition of “collecting agent”(3) substitute the following definition—

““collecting agent” means a person who, in the course of carrying on a trade in the United Kingdom, collects or secures payment of overseas dividends for another person or acts as custodian of any overseas securities;”.

Jim Dowd

Clive Betts

Two of the Lords Commissioners of Her Majesty’s Treasury

15th February 2001

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Income Tax (Manufactured Overseas Dividends) Regulations 1993 (S.I. 1993/2004) by substituting a new definition of “collecting agent” in relation to manufactured overseas dividends paid or received on or after 1st April 2001. The former definition is rendered obsolete by the repeal from that date of Chapter VIIA of Part IV of the Income and Corporation Taxes Act 1988 (c. 1) relating to paying and collecting agents. The repeal is effected by section 111 of the Finance Act 2000 (c. 17).

(1)

1988 c. 1. Schedule 23A was inserted by paragraph 1 of Schedule 13 to the Finance Act 1991 (c. 31). Paragraph 1(1) of Schedule 23A is cited for the definitions of “dividend manufacturing regulations” and “prescribed”. Paragraph 8 of Schedule 23A was amended by section 159(7) and (8) of the Finance Act 1996 (c. 8) and paragraph 13 of Schedule 10 to the Finance Act 1997 (c. 16).

(2)

S.I. 1993/2004. A relevant amending instrument is S.I. 1996/2643.

(3)

Inserted by regulation 3(2)(b) of S.I. 1996/2643.