The Double Taxation Relief (Manufactured Overseas Dividends) (Amendment) Regulations 1996

Made17th October 1996

Coming into force6th November 1996

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 791 of the Income and Corporation Taxes Act 19881, hereby make the following Regulations:

1

These Regulations may be cited as the Double Taxation Relief (Manufactured Overseas Dividends) (Amendment) Regulations 1996 and shall come into force on 6th November 1996.

2

In regulation 2 of the Double Taxation Relief (Taxes on Income) (General) (Manufactured Overseas Dividends) Regulations 19932 for the definition of “manufactured overseas dividend” there shall be substituted the following definition—

“manufactured overseas dividend” means any payment of the description contained in paragraph 4(1) of Schedule 23A to the Taxes Act3 other than a payment to which regulation 2B of the Income Tax (Manufactured Overseas Dividends) Regulations 19934 (tax treatment of manufactured overseas dividends paid in connection with loan relationships) applies;

S C T MathesonG H BushTwo of the Commissioners of Inland Revenue17th October 1996

(This note is not part of the Regulations)

These Regulations amend the Double Taxation Relief (Taxes on Income) (General) (Manufactured Overseas Dividends) Regulations 1993 so as to exclude from the definition of “manufactured overseas dividend” in those Regulations a manufactured overseas dividend in respect of an overseas security that represents a loan relationship within the meaning of section 81 of the Finance Act 1996 (c. 8).