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The Reporting of Savings Income Information Regulations 2003

Changes over time for: The Reporting of Savings Income Information Regulations 2003 (without Schedules)

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Version Superseded: 22/04/2011

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PART 1 U.K.Introductory Provisions

Citation and commencementU.K.

1.—(1) These Regulations may be cited as the Reporting of Savings Income Information Regulations 2003.

(2) These Regulations shall come into force on such date, being not earlier than 1st January 2005, as is determined by the Treasury and specified by notices in the London, Edinburgh and Belfast Gazettes.

InterpretationU.K.

2.—(1) In these Regulations—

[F1“the Savings Directive” means Council Directive 2003/48/EC of 3rd June 2003 (“the Directive of 2003”) on the taxation of savings income in the form of interest payments, as amended by Council Directive 2004/66/EC, and a reference, without more, to a numbered Article is a reference to the Article of the Directive of 2003, as so amended, which bears that number;]

“the Securities Directive” means Directive 2001/34/EC of 28th May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities as amended M1;

“the UCITS Directive” means Council Directive 85/611/EEC of 20th December 1985 on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as amended M2.

(2) In these Regulations—

“agent” means paying agent or receiving agent as appropriate;

[F2“arrangements” means agreements or arrangements made with a territory being a dependent or associated territory of a member State in relation to the automatic exchange of information or, during the transitional period defined in Article 10 of the Savings Directive, the application of a withholding tax referred to in paragraph 2(ii) of Article 17 of the Savings Directive;

“country” includes a territory;]

[F3“economic operator” is a paying agent established in another member State or in a territory (construed in accordance with the Savings Directive or the arrangements with the territory, as appropriate) with which arrangements have been made;]

“money debt” is a debt arising from a transaction for the lending of money and which falls to be, or may be, settled—

(a)

by the payment of money; or

(b)

by the transfer of a right to settlement under a debt which is itself a money debt,

subject to the qualification in regulation 17;

[F4“paying agent”, unless the context otherwise requires, has the meaning given in regulation 3;]

[F5“a prescribed territory” means another member State, Aruba, the British Virgin Islands, Gibraltar, Guernsey, the Isle of Man, Jersey, Montserrat or the Netherlands Antilles;]

“receiving agent” has the meaning given in regulation 6;

“relevant payee” has the meaning given in regulation 7;

“resident” and “residence” shall be construed in accordance with regulation 9;

“residual entity” has the meaning given in regulation 4;

[F6“Revenue and Customs”, except in the expression “an officer of Revenue and Customs”, means Her Majesty’s Revenue and Customs (see section 4 of the Commissioners for Revenue and Customs Act 2005);]

“savings income” has the meaning given in regulation 8;

“third country” means a territory other than a member State;

“UCITS” means an undertaking for collective investment in transferable securities within the UCITS Directive.

(3) For the purposes of these Regulations a person makes savings income payments to another person if the person—

(a)makes payments of savings income to another person, or

(b)secures the payment of savings income for the other person.

Textual Amendments

Marginal Citations

M1OJ No. L184, 06.07.2001, p.1, amended by Directive 2003/6/EC of the European Parliament and of the Council (OJ No. L96, 12.04.2003, p.16).

M2OJ No. L375, 31.12.1985, p.3, amended by Council Directive 88/220/EEC (OJ No. L100, 19.04.1988, p.31), European Parliament and Council Directive 95/26/EC (OJ No. L168, 18.07.1995, p.7), European Parliament and Council Directive 2000/64/EC (OJ No. L290, 17.11.2000, p.27), European Parliament and Council Directive 2001/107/EC (OJ No. L41, 13.02.2002, p.20), European Parliament and Council Directive 2001/108/EC (OJ No. L41, 13.02.2002, p.35).

Meaning of paying agentU.K.

3.  A paying agent is a person who—

(a)is established in the United Kingdom;

(b)makes savings income payments in the course of his business or profession; and

(c)makes those payments—

(i)for the immediate benefit of a relevant payee; or

(ii)to a residual entity established in a prescribed territory.

Here a “person” includes any officer in any public office or in any government department and any savings income payments made by such a person will be treated as if the payment were made in the course of that person’s business or profession.

Meaning of residual entityU.K.

4.—(1) Subject to paragraph (2) a residual entity is an entity established in a member State [F7or in a territory with respect to which arrangements have been made] other than an entity —

(a)which is a legal person;

(b)the profits of which are taxed under the general arrangements for business taxation; or

(c)which is a UCITS authorised in accordance with the UCITS Directive [F8or an equivalent undertaking for collective investment established in a territory with which arrangements have been made].

(2) In paragraph (1)(a) a legal person excludes —

(a)in Finland, avoin yhtiö (Ay) and kommandiittiyhtiö (Ky)/ öppet bolag and kommanditbolag; and

(b)in Sweden, handelsbolag (HB) and kommanditbolag (KB).

(3) A paying agent shall regard an entity as a residual entity unless the paying agent has reason to believe, on the basis of official evidence produced by the entity to the paying agent, that sub-paragraph (a), (b) or (c) of paragraph (1) applies.

[F9An entity which presents to the paying agent or economic operator a certificate—

(a)issued by the member State in which that entity is established in accordance with Article 4(3), or

(b)issued by the territory with which arrangements have been made in which that entity is established in accordance with provisions which are equivalent to Article 4(3),

shall, for the purposes of this regulation, be treated as if it were a UCITS authorised in accordance with the UCITS Directive or an equivalent undertaking for collective investment established in the territory with which arrangements have been made (as the case may be).]

Textual Amendments

Election by an entity to be treated as a UCITSU.K.

5.—(1) An entity established in the United Kingdom may obtain a certificate to the effect that it is to be treated as a UCITS authorised in accordance with the UCITS Directive for the purposes of the Savings Directive in accordance with this regulation.

(2) A notice requesting the issue of a certificate shall be given to [F10Revenue and Customs] by or on behalf of the entity.

(3) The notice shall include the following information —

(a)the name and address of the entity;

(b)where the notice is given on behalf of the entity, the name, address and position of the person giving notice;

(c)a statement that —

(i)the entity is established in the United Kingdom;

(ii)the entity is not a legal person;

(iii)the entity’s profits are not taxed under the general arrangements for business taxation;

(iv)the entity is not a UCITS authorised in accordance with the UCITS Directive; and

(v)the entity elects to be treated as if it were a UCITS authorised in accordance with the UCITS Directive for the purposes of the Savings Directive; and

(d)a signed and dated declaration by the person giving notice to the effect that it is to the best of his knowledge correct and complete.

(4) [F11Revenue and Customs] will issue a certificate to that entity confirming that it is to be treated as if it were a UCITS authorised in accordance with the UCITS Directive for the purposes of the Savings Directive and that certificate shall have effect from the date specified in that certificate.

Textual Amendments

Meaning of receiving agentU.K.

6.  A receiving agent is an entity —

(a)which is a residual entity;

(b)which is established in the United Kingdom; and

(c)to which a savings income payment is made for the benefit of a relevant payee by a person established in a member State [F12or in a territory with which arrangements have been made] in the course of his business or profession.

Textual Amendments

Meaning of relevant payeeU.K.

7.—(1) The agent shall regard a person as a relevant payee if he is an individual —

(a)resident in a prescribed territory; and

(b)who has received a savings income payment or for whom a savings income payment has been secured,

unless he provides evidence to the agent that the payment is not received or secured for his own benefit because of one of the reasons listed in paragraph (2).

(2) The reasons referred to in paragraph (1) are that the individual —

(a)is acting as [F13a paying agent] or an economic operator;

(b)acts on behalf of a residual entity;

(c)acts on behalf of an entity —

(i)which is a legal person;

(ii)the profits of which are taxed under the general arrangements for business taxation;

(iii)which is a UCITS authorised in accordance with the UCITS [F14Directive, or an equivalent undertaking for collective investment established in a territory with which arrangements have been made;]

(iv)which is treated as being a UCITS [F15authorised] in accordance with the UCITS Directive for the purposes of the Savings Directive by virtue of Article 4(3); F16...

[F17(v)which is treated as being an equivalent undertaking for collective investment established in a territory with which arrangements have been made for the purposes of those arrangements by virtue of provisions which are equivalent to Article 4(3); or]

(d)acts on behalf of another individual for whose benefit the payment is received or secured.

(3) An individual who provides evidence that he is acting on behalf of a residual entity must in addition provide the name and address of that residual entity to the agent.

(4) An individual who provides evidence that he acts on behalf of another individual must in addition provide the agent with the name and address, and where appropriate the tax identification number or date and place of birth, of that individual. The individual providing the evidence must obtain and verify this information in accordance with regulation 9.

(5) If the agent has information which suggests that the individual who receives a savings income payment or for whom a savings income payment is secured may not be the relevant payee for the reason referred to in paragraph (2)(d), then paragraph (6) applies.

(6) The agent must take reasonable steps to establish who is the relevant payee and if the agent is unable to identify the relevant payee, he shall treat the individual who receives a savings income payment or for whom a savings income payment is secured as the relevant payee.

Textual Amendments

Meaning of savings incomeU.K.

8.—(1) Subject to paragraphs (3) to (6) and (8) savings income is —

(a)interest;

(b)interest accrued or capitalised at the sale, refund or redemption of a money debt;

(c)income distributed by a collective investment fund which is derived directly or indirectly, via other collective investment funds or residual entities, from interest;

(d)income realised upon the sale, refund or redemption of shares or units in a collective investment fund if that fund invests directly or indirectly, via other collective investment funds or residual entities, more than 40% of its assets in money debts.

(2) In paragraph (1) “interest”—

(a)includes—

(i)prizes attaching to money debts (including premium bonds);

(ii)premiums and discounts derived from money debts;

(iii)any dividend derived from shares (including permanent interest bearing shares) in a building society F18...

(iv)any share interest paid by a registered industrial and provident society; [F19and

(v)any share interest paid by a credit union registered under the Credit Unions (Northern Ireland) Order 1985; and]

(b)excludes —

(i)any interest which is not related to a money debt; and

(ii)penalty charges for late payment.

(3) In respect of savings income described in paragraph (1)(b), where an agent has no information concerning the amount of interest which is accrued or capitalised at the sale, refund or redemption of a money debt the total amount of the proceeds of the sale, redemption or refund is savings income.

(4) In respect of savings income described in paragraphs (1)(c), where an agent has no information concerning the proportion of income which derives from interest the total amount of the income is savings income.

(5) In respect of savings income described in paragraphs (1)(c) and (d), subject to paragraph (9) —

(a)where a collective investment fund established in the United Kingdom has invested 15% or less of its assets directly or indirectly, via other collective investment funds or residual entities, in money debts there is no savings income;

(b)where a collective investment fund —

(i)is established in another member State which has derogated from paragraphs (1)(c) and (d) of Article 6 in accordance with Article 6(6); and

(ii)the collective investment fund has invested 15% or less of its assets in money debts in accordance with the law of that member State in the application of that derogation,

there is no savings income.

[F20(c)where a collective investment fund—

(i)is established in a territory with which arrangements have been made which has made provisions equivalent to the derogation in the first sentence of Article 6(6); and

(ii)the collective investment fund has invested 15% or less of its assets in money debts in accordance with the law of that territory in the application of those provisions,

there is no savings income]

(6) In respect of savings income described in paragraph (1)(d)—

(a)where an agent has no information concerning the percentage of assets invested in money debts or in shares or units in collective investment funds, that percentage shall be considered to be more than 40%;

(b)where the agent cannot determine the amount of income realised by the relevant payee, the income shall be deemed to correspond to the proceeds of the sale, refund or redemption of the shares or units.

(7) From 1st January 2011 paragraphs (1)(d) and (6)(a) shall have the effect with the substitution of “ 25% ” for “40%”.

(8) Subject to paragraph (9) —

(a)where a residual entity established in the United Kingdom invests 15% or less of its assets directly or indirectly, via collective investment funds or other residual entities, in money debts there is no savings income;

(b)where a residual entity —

(i)is established in another member State which has derogated from [F21paragraph 4 of Article 6] in accordance with Article 6(6); and

(ii)the residual entity has invested 15% or less of its assets in money debts in accordance with the law of that member State in the application of that derogation,

there is no savings income.

[F22(c)where a residual entity—

(i)is established in a territory with which arrangements have been made which has made provisions equivalent to the derogation in the second sentence of Article 6(6); and

(ii)the residual entity has invested 15% or less of its assets in money debts in accordance with the law of that territory in the application of those provisions,

there is no savings income]

(9) In the application of paragraphs (5) and (8), where the agent cannot ascertain whether or not the collective investment fund or residual entity, as appropriate, has invested 15% or less of its assets in money debts in accordance with those provisions, there is savings income.

(10) The percentages referred to in this regulation shall be determined by reference to the investment policy as laid down in the fund rules or instruments of incorporation of the collective investment fund or residual entity concerned and, failing which, by reference to the actual composition of the assets of the collective investment fund or residual entity.

(11) In this regulation a collective investment fund is—

(a)a UCITS authorised in accordance with the UCITS Directive [F23or an equivalent undertaking for collective investment established in a territory with which arrangements have been made];

(b)an entity which is treated as being a UCITS authorised in accordance with the UCITS Directive for the purposes of the Savings Directive by virtue of Article 4(3); or

[F24(ba)an entity which is treated as being an equivalent undertaking for collective investment established in a territory with which arrangements have been made for the purposes of those arrangements by virtue of provisions which are equivalent to Article 4(3); or]

[F25(c)an undertaking for collective investment which is not established in the Community or in a territory with which arrangements have been made.]

This is subject to the following qualification.

If a collective investment fund provides arrangements for separate pooling of the contributions of the participants and the profits or income out of which payments are to be made to them and under which participants are entitled to exchange rights in one pool for rights in another, each separate pool shall be treated as a separate collective investment fund.

(12) In this regulation—

M3“building society” means a building society within the meaning of the Building Societies Act 1986;

M4“permanent interest bearing shares” has the meaning given in section 117(11) of the Taxation of Chargeable Gains Act 1992;

“registered industrial and provident society” has the meaning given in section 486(12) of the Income and Corporation Taxes Act 1988 as extended by section 486(9) of that Act; and

M5“share interest” has the meaning given in section 486(12) of the Income and Corporation Taxes Act 1988 .

Textual Amendments

Marginal Citations

M41992 c. 12. Section 117(11) was amended by the Financial Services and Markets Act 2000 (Consequential Amendments)(Taxes) Order 2001 (S.I. 2001/3629).

PART 2 U.K.Information to be obtained, verified and reported

Identity and residence of relevant payeesU.K.

9.—(1) Where —

(a)a paying agent makes a savings income payment to an individual whom he believes to be a relevant payee, or

(b)a receiving agent receives or secures a savings income payment for an individual whom he believes to be a relevant payee,

the agent must establish the identity and country of residence of that individual in accordance with this regulation.

(2) Subject to the conditions set out in this regulation, for the purposes of this regulation the country of residence means the country where the individual has his permanent address.

(3) Where contractual relations between the agent and the individual are entered into before 1st January 2004 the agent must verify the name, address and country of residence of the individual by using the information at its disposal, including information obtained pursuant to the Money Laundering Regulations 1993 and the Money Laundering Regulations 2001 M6.

(4) Where contractual relations between the agent and the individual are entered into, or transactions are carried out in the absence of contractual relations, on or after 1st January 2004, the agent shall obtain and verify—

[F26(a)the name and address of the individual, and

(i)where the individual is resident for tax purposes in a member State, the tax identification number (if any) allocated by that member State but if it is not available the individual’s date and place of birth,

(ii)where the individual is resident for tax purposes other than in a member State, the individual’s date and place of birth,

in accordance with paragraphs (5) and (7);]

(b)the country of residence of the individual in accordance with paragraphs (8) and (9).

(5) The information in paragraph (4)(a) shall be verified by the presentation by the individual of his passport or official identity card to the agent.

(6) If the address does not appear on that passport or official identity card, it shall be verified by the presentation by the individual of any other documentary proof of identity to the agent.

(7) If the tax identification number [F27is not required or if it is and it] is not mentioned on the passport, official identity card or any other documentary proof of identity presented by the individual, the agent shall instead verify the individual’s date and place of birth on the basis of his passport or official identity card.

(8) Subject to paragraph (9), the country of residence of the individual shall be determined on the basis of his address verified in accordance with paragraphs (5) and (6).

(9) [F28Where an individual presents a passport or official identity card issued by a member State and declares himself to be resident in a third country —]

(a)F29...the agent shall establish the country of residence by means of a certificate of residence for tax purposes issued by the competent authority of the third country which the individual claims to be his country of residence;

(b)if the individual fails to present such a certificate, the member State that issued the passport or other official identity document shall be considered to be the country of residence.

(10) The individual may present a certified copy of any of the documents referred to in this regulation.

Here “certified copy” means a copy certified or otherwise authenticated in such manner as would make it admissible in evidence in proceedings before a court.

(11) In this regulation —

“competent authority” means the competent authority for the purposes of bilateral or multilateral tax conventions or, failing that, such other authority as is competent to issue certificates of residence for tax purposes;

“other documentary proof of identity” includes certificates of residence for tax purposes.

Textual Amendments

Marginal Citations

M6S.I. 1993/1933 and S.I. 2001/3641. Both these Regulations will be revoked and replaced by the Money Laundering Regulations 2003 (S.I. 2003/3075) on 1st March 2004.

Information to be reported to [F30Revenue and Customs] by paying agents making payments to relevant payeesU.K.

10.—(1) When a paying agent makes a savings income payment for the immediate benefit of a relevant payee the information prescribed by paragraph (2) must be reported by the paying agent to [F31Revenue and Customs] in accordance with regulations 14 and 15.

(2) The information prescribed is—

(a)the name and address of the paying agent;

(b)the name, address and country of residence of the relevant payee established in accordance with regulation 9;

(c)where contractual relations between the relevant payee and the paying agent were entered into, or transactions are carried out in the absence of contractual relations, on or after 1st January 2004, the tax identification number [F32is not required or if it is and it], or if it is not available, the relevant payee’s date and place of birth, established in accordance with regulation 9;

(d)the account number of the relevant payee or, where there is none, identification of the money debt or other instrument giving rise to the savings income;

(e)the amount and category of the savings income payments made to the relevant payee in accordance with regulation 13 and the currency in which they were paid.

Textual Amendments

Information to be reported to [F33Revenue and Customs] by paying agents making payments to residual entitiesU.K.

11.—(1) When a paying agent makes a savings income payment to a residual entity established in a prescribed territory the information prescribed by paragraph (2) must be reported by the paying agent to [F34Revenue and Customs] in accordance with regulations 14 and 15.

(2) The information prescribed is—

(a)the name and address of the paying agent;

(b)the name and address of the residual entity (including the territory in which it is established); and

(c)the total amount and category of the savings income payments made to the residual entity in accordance with regulation 13 and the currency in which they were paid.

Textual Amendments

Information to be reported to [F35Revenue and Customs] by receiving agentsU.K.

12.—(1) When a receiving agent receives or secures savings income the information prescribed by paragraph (2), in respect of each relevant payee the savings income is attributable to, must be reported by the receiving agent to [F36Revenue and Customs] in accordance with regulations 14 and 15.

(2) The information prescribed is—

(a)a statement that the savings income has been received or secured by the receiving agent in his capacity as such;

(b)the name and address of the receiving agent;

(c)the name, address and country of residence of the relevant payee established in accordance with regulation 9;

(d)where contractual relations between the relevant payee and the receiving agent were entered into, or transactions are carried out in the absence of contractual relations, on or after 1st January 2004, the tax identification number [F37is not required or if it is and it], or if it is not available, the relevant payee’s date and place of birth, established in accordance with regulation 9;

(e)the account number of the relevant payee or, where there is none, identification of the money debt or other instrument giving rise to the savings income;

(f)the amount and category of the savings income received or secured by the receiving agent in accordance with regulation 13 and the currency in which it was paid.

Textual Amendments

The amount of savings income to be reported to [F38Revenue and Customs] U.K.

13.—(1) The information concerning the savings income prescribed by paragraph (2) must be reported by the agent to [F39Revenue and Customs].

(2) The agent shall identify under which of the following three categories he is reporting the savings income and where the savings income is of the type prescribed by —

(a)regulation 8(1)(a), report the amount of savings income;

(b)sub-paragraph (b) or (d) of regulation 8(1), report either the amount of savings income or the full amount of the proceeds from the sale, redemption or refund;

(c)regulation 8(1)(c), report either the amount of savings income or the full amount of the distribution.

(3) Where the agent has reported savings income under sub-paragraph (a) or (c) of paragraph (2) no further report of the same savings income is required under sub-paragraph (b) of that paragraph.

Textual Amendments

PART 3 U.K.Reporting the information

Paying and receiving agents to notify [F40Revenue and Customs] of reportable paymentsU.K.

14.—(1) An agent who must report information to [F41Revenue and Customs] in accordance with these Regulations must notify [F41Revenue and Customs] in writing that he needs to make a report within 14 days of the end of the tax year in which—

(a)in the case of a paying agent, the savings income payment was made, or

(b)in the case of a receiving agent, the savings income was secured or received,

unless the agent has already received a notice under regulation 15 from [F41Revenue and Customs] in respect of that tax year.

(2) An agent who fails to comply with paragraph (1) is liable to a penalty not exceeding £3000 determined in accordance with section 100 of the Taxes Management Act 1970 M7.

(3) Sections 100A, 100B, 102, 103(4) and 118(2) of the Taxes Management Act 1970 M8 apply to a penalty determined in accordance with paragraph (2).

Textual Amendments

Marginal Citations

Reports by paying and receiving agents to [F42Revenue and Customs] U.K.

15.—(1) [F43Revenue and Customs] must send a notice to —

(a)an agent who has notified [F44Revenue and Customs] in accordance with regulation 14(1);

(b)any person [F44Revenue and Customs] considers should have notified it in accordance with regulation 14(1) but has not done so; and

(c)any person who has notified [F43Revenue and Customs] in accordance with regulation 14(1) in respect of a previous tax year, unless—

(i)the person has informed [F44Revenue and Customs]; or

(ii)an officer of [F44Revenue and Customs] has reasonable grounds to believe,

that he is no longer an agent.

(2) The notice must specify —

(a)the information prescribed by these Regulations which must be reported;

(b)the tax year in respect of which the report must be made and that the report must be in respect of all savings income payments for that tax year;

(c)the form in which the report must be made;

(d)the address to which the report must be delivered; and

(e)the date by which the report must be delivered which shall be a date no earlier than 30 days after the date of the notice.

(3) For the report for the tax year in which the commencement date falls, the reference to the tax year in paragraph (2)(b) means the period beginning on the commencement date and ending at the end of the tax year in which the commencement date falls.

Here “commencement date” is the date specified in the notices under regulation 1(2).

(4) The notice may be combined with a notice issued under section 17 or 18, or under both of those sections, of the Taxes Management Act 1970 M9.

(5) The agent or person, as appropriate, must make and deliver the report in accordance with the requirements specified in the notice.

(6) Paragraph (5) applies regardless of whether any savings income is reportable in accordance with these Regulations.

Textual Amendments

Marginal Citations

PART 4 U.K.Audit

Audit and related issuesU.K.

16.—(1) An officer of [F45Revenue and Customs] may by notice require an agent, or a person who appears to [F46that officer] to be an agent, to furnish them within such time, not being less than 14 days, as may be provided by the notice, such information (including copies of any relevant books, documents or other records) as they may reasonably require for the purposes of determining whether information contained in a report under these Regulations by that agent or person, as appropriate, was correct and complete.

(2) An agent or person, as appropriate, required to make and deliver a report under these Regulations shall, whenever required to do so within the period specified in paragraph (4)(c), make available for inspection by [F47an officer of Revenue and Customs], at such time as that officer may reasonably require, all such copies of books, documents or other records in his possession or under his control as may be required by [F47an officer of Revenue and Customs] under paragraph (1).

(3) An agent or person, as appropriate, required to make and deliver a report under these Regulations shall retain, for the period specified in paragraph (4), all such books, documents and other records copies of which he may be required to make available for inspection under paragraph (2). These documents include copies of the documents presented by relevant payees in accordance with regulation 9.

(4) The period specified is —

(a)in relation to information concerning the identity and country of residence of a relevant payee the period of two years beginning immediately after the end of the tax year in which transactions between the relevant payee and paying agent cease;

(b)in relation to the official evidence referred to in regulation 4(3) the period of two years beginning immediately after the end of the tax year in which transactions between the [F48entity] and paying agent cease; and

(c)in relation to information concerning savings income the period of two years beginning immediately after the end of the tax year to which the notice referred to in regulation 15(1) relates.

(5) Paragraphs (3) and (4) are without prejudice to the following provisions—

[F49(i)regulations 8(5) and 14(6) of the Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008]

F50(ii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F50(iii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(iv)regulation 9 of the Income Tax (Authorised Unit Trusts) (Interest Distributions) Regulations 2003 M10 including that regulation as modified by regulation 28(8) of the Open-ended Investment Companies (Tax) Regulations 1997 M11.

(6) Subject to paragraph (7), information obtained by [F51Revenue and Customs] under this Regulation—

(a)shall not be used for the purpose of ascertaining the tax liability (if any) of any person other than—

(i)a person beneficially entitled to a payment to whom the information obtained relates, and

(ii)the person by whom the payment was made or received; and

(b)shall otherwise be used only for the purposes of—

(i)these Regulations, unless the notice issued under regulation 15(1) is combined with a notice under section 17 or 18, or both of those sections, of the Taxes Management Act 1970, in which case only for the purposes of these Regulations and with whichever of those sections the notice was combined,

(ii)the provisions of [F52Chapter 2 of Part 15 of the Income Tax Act 2007] relating to the deduction of tax from payments by building societies and deposit-takers,

[F53(iii)the Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008, and]

F54(iv). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(v)the Income Tax (Authorised Unit Trusts) (Interest Distributions) Regulations 2003 including these Regulations as modified by the Open-ended Investment Companies (Tax) Regulations 1997.

(7) Paragraph (6) shall not be construed as preventing any disclosure of information under section 182(5) of the Finance Act 1989 M12.

Textual Amendments

Marginal Citations

M11S.I. 1997/1154, as amended by the Open-ended Investment Companies (Tax)(Amendment) Regulations 2003 (S.I. 2003/1831).

M121989 c. 26. Section 182(5) was amended by the Tax Credits Act 1999 (c. 10).

PART 5 U.K.Transitional provisions

Transitional provisions – negotiable debt securitiesU.K.

17.—(1) Until 31st December 2010 negotiable debt securities to which paragraph (2) applies shall not be considered to be money debts.

(2) This paragraph applies to negotiable debt securities—

(a)which were first issued before 1st March 2001; or

(b)for which the original prospectus was approved before that date by—

(i)the competent authority within the meaning of the Securities Directive; or

(ii)the responsible authorities in third countries,

provided that no further issues of such negotiable debt securities are made on or after 1st March 2002.

(3) Where a further issue is made on or after 1st March 2002 of negotiable debt securities described in paragraphs (2)(a) and (b) issued by a Government or a related entity acting as a public authority or whose role is recognised by an international treaty, as defined in the Schedule, the entire issue of such security, consisting of the original issue and any further issue, shall be considered a money debt.

(4) If a further issue is made on or after 1st March 2002 of a negotiable debt security described in paragraphs (2)(a) and (b) issued by a person not referred to in paragraph (3), such further issue shall be considered a money debt.

(5) Where an agent cannot ascertain whether paragraphs (2) to (4) apply the entire issue of the negotiable debt security shall be considered a money debt.

(6) A negotiable debt security is a security that can be transferred from one creditor to another without the approval of the debtor.

John Heppell

Jim Murphy

Two of the Lords Commissioners of Her Majesty’s Treasury

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