The Income Tax (Building Societies) (Dividends and Interest) Regulations 1990

Certificate ceasing to be valid

6.—(1) The condition prescribed by this regulation is that the certificate referred to in regulation 5 continues in full force and effect and has not ceased to be valid.

(2) A certificate ceases to be valid in any of the circumstances specified in paragraph (3).

(3) The circumstances specified in this paragraph are—

(a) the receipt by the building society of information by way of a notification pursuant to regulation 5(2)(e)(ii) that the person beneficially entitled to a payment of a dividend or interest arising on an account specified in the notification has become liable to pay an amount by way of income tax for the year in which the payment is made;

(b) in the case of a certificate given under regulation 5(2)(b)(ii), the ending of the year in which the person beneficially entitled to the payment attains the age of 16;

(c) the failure by a person who has given a certificate under regulation 5(2)(b)(iii), but is not the holder of the account to which the certificate relates, to become the holder before the first payment of a dividend or interest after the end of the year in which he attains the age of 16;

(d) where the Board, having reason to believe that a person beneficially entitled to a payment of a dividend or interest is or has become liable to pay an amount by way of income tax, by notice require a building society to deduct tax pursuant to regulation 3 from payments of dividends or interest which—

(i) are made in respect of an account which is held by or on behalf of that person and which, together with the account number and, where necessary for identifying the account, the branch of the building society where the account is held, is specified in the notice, and

(ii) are made to or for the benefit of that person after the expiry of a period of 30 days following the date of issue of the notice;

(e) notification is received by the building society that the person by whom or on whose behalf the certificate was given has died.