2001 No. 403
INCOME TAX

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

Made
Laid before the House of Commons
Coming into force
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 19881, hereby make the following Regulations:

Citation, commencement and effect1.

(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) 19932.

(1)

Amend regulation 2(1) of the Income Tax (Manufactured Overseas Dividends) Regulations 19932 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
(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).