The Open-ended Investment Companies (Tax) (Amendment) Regulations 2002

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154) (“the principal Regulations”). The amendments are in consequence of various repeals effected by the Finance Act 2002 (c. 23) (“the 2002 Act”).

Regulation 1 provides for citation, commencement and effect.

Regulation 2 introduces the amendments to the principal Regulations.

Regulation 3 amends regulation 5 of the principal Regulations in consequence of the repeal of sections 125 to 169 of the Finance Act 1993 (c. 34) by section 79(1)(b) of the 2002 Act and the repeal of sections 147 to 175 and 177 of the Finance Act 1994 (c. 9) by section 83(2) of the 2002 Act.

Regulation 4 amends regulation 7 of the principal Regulations in consequence of the repeal of section 117B of the Taxation of Chargeable Gains Act 1992 (c. 12) by Part 3(10) of Schedule 40 to the 2002 Act.

Regulation 5 amends regulation 9 of the principal Regulations in consequence of the repeal of section 468AA of the Income and Corporation Taxes Act 1988 (c. 1) by paragraph 6 of Schedule 27 to the 2002 Act.

Regulation 6 omits regulations 11, 17 and 18 of the principal Regulations in consequence of the repeals previously referred to in relation to regulations 3 and 5.

Regulation 7 amends regulation 19 of the principal Regulations in consequence of the amendment of Schedule 10 to the Finance Act 1996 (c. 8) by paragraph 37 of Schedule 25 to the 2002 Act.

Regulation 8 omits regulation 21 of the principal Regulations. The amendment is in consequence of the repeal previously referred to in relation to regulation 4.