2006 No. 3286

cAPiTal GAINS TAX
CORPORATION TAX
iNCOME TAX

The Reporting of Savings Income Information (Amendment) Regulations 2006

Made

Laid before the House of Commons

Coming into force

The Treasury make the following Regulations in exercise of the powers conferred by section 199 of the Finance Act 20031.

Citation and commencement1

These Regulations may be cited as the Reporting of Savings Income Information (Amendment) Regulations 2006 and shall come into force on 1st January 2007.

Amendments to the Reporting of Savings Income Information Regulations 20032

1

The Reporting of Savings Income Information Regulations 20032 are amended as follows.

2

In the Schedule, in Table 1 (entities within the European Union)—

a

after the entries for Belgium insert—

Bulgaria

Общините (municipalities)

Социалноосигурителнифондове (Social Security Funds)

b

after the entries for Portugal insert—

Romania

autorităţile administraţiei publice locale (local public administration authorities)

Dave WattsFrank RoyTwo of the Lords Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE

(This note is not part of the Regulations)

The Reporting of Savings Income Information Regulations 2003 (S.I. 2003/3297) (“the principal Regulations”) implemented part of Council Directive 2003/48/EC of 3rd June 2003 on the taxation of savings income in the form of interest payments (“the 2003 Directive”) (OJ No L 157, 26.6.03, p38). The 2003 Directive has been amended by Council Directive 2006/98/EC adapting certain Directives in the field of taxation, by reason of the accession of Bulgaria and Romania (“the 2006 Directive”) (OJNo. L363, 20.12.2006, p.129).

These Regulations amend the principal Regulations by making additions to the list of public authorities by whom a further issue of negotiable debt securities will have the effect of treating the whole issue as a money debt for the purpose of reporting under the 2003 Directive.

A transposition note setting out how these Regulations implement the requirements of the 2006 Directive is available at www.hmrc.gsi.gov.uk.

A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.