The Income Tax (Interest on Quoted Eurobonds) Regulations 1996

Notices by the Board to relevant payers

7.—(1) Where the Board consider that one or both of the conditions of subsection (2) of section 124 is satisfied with respect to payments of interest on any holding of quoted Eurobonds by a relevant payer, they may by notice to the relevant payer direct that payments of interest on that holding made by the relevant payer after the expiry of the period of 30 days following the date of issue of the notice are payments to which subsection 1(b) of section 124 applies.

(2) Where the Board consider that neither of the conditions of subsection (2) of section 124 is satisfied with respect to payments of interest on any holding of quoted Eurobonds by a relevant payer, they may by notice to the relevant payer direct that payments of interest on that holding made by the relevant payer after the expiry of the period of 30 days following the date of issue of the notice are not payments to which subsection (1)(b) of section 124 applies.

(3) Where the Board issue a notice under paragraph (2), any declaration under regulation 3 or 4 which relates to any of the payments of interest referred to in the notice, whether the declaration is made before or after the date of issue of the notice, shall be of no effect.

(4) A relevant payer in respect of whom a notice is issued by the Board under paragraph (2) may, not later than 30 days after the date of issue of the notice, appeal against that notice by notice to the Board.

(5) The appeal shall be to the Special Commissioners who shall confirm the notice appealed against unless they are satisfied that the notice ought to be quashed.