The Stock Lending and Manufactured Payments (Revocations and Amendments) Regulations 1997

Amendments—Manufactured Overseas Dividends Regulations

8.—(1) The Income Tax (Manufactured Overseas Dividends) Regulations 1993(1) shall be amended in accordance with paragraphs (2) to (4).

(2) In regulation 2B(1)(2) the words “, and paragraph 5”, shall be omitted.

(3) Regulation 7A(3) shall be omitted.

(4) Regulation 16(4) shall be omitted.

(5) The omission of regulation 16 by paragraph (4) shall have effect in relation to—

(a) transactions entered into on or after 1st July 1997 in respect of which information may be obtained under section 21 of the Taxes Management Act 1970(5), and

(b) payments made on or after that date (whether under transactions entered into before, or under transactions entered into on or after, that date) in respect of which information may be obtained under that section.

(1)

S.I. 1993/2004, amended by S.I. 1995/1324, 1996/1229 and 2643 and 1997/988.

(2)

Regulation 2B was inserted by regulation 4 of S.I. 1996/2643.

(3)

Regulation 7A was inserted by regulation 9 of S.I. 1996/2643.

(4)

Regulation 16 was substituted by regulation 9 of S.I. 1996/1229.

(5)

1970 c. 9; section 21 was amended by paragraph 5(a) of Schedule 21, and Part IV of Schedule 22, to the Finance Act 1973 (c. 51), by paragraph 7(1), (2) and (3) of Schedule 18 to the Finance Act 1986, and by paragraph 14 of Schedule 10 to the Finance Act 1997. Section 21 was modified in relation to manufactured overseas dividends by regulation 16 of S.I. 1993/2004 (as substituted by regulation 9 of S.I. 1996/1229).