1991 No. 512
The Income Tax (Building Societies) (Annual Payments) Regulations 1991
Made
Coming into force
The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 350 of the Income and Corporation Taxes Act 19881, hereby make the following Regulations, a draft of which has been laid before, and approved by resolution of, the House of Commons:
Citation and commencement1
These Regulations may be cited as the Income Tax (Building Societies) (Annual Payments) Regulations 1991 and shall come into force on 6th April 1991.
Interpretation2
In these Regulations unless the context otherwise requires—
“the Board” means the Commissioners of Inland Revenue;
“payment” (except in relation to a payment to the Board) includes "credit";
“payment quarter” means a period of three months ending with the last day of February, May, August or November;
“the 1986 Regulations” mean the Income Tax (Building Societies) Regulations 19862;
“section 349(1) payment” means a payment by a building society of any annuity or other annual payment from which income tax is deductible under section 349(1) of the Taxes Act3 and includes such a payment made after 28th February 1991 and before 6th April 1991 to which regulation 3 of the 1986 Regulations applied;
“Schedule 16” means Schedule 16 to the Taxes Act;
“the Taxes Act” means the Income and Corporation Taxes Act 1988.
Collection of amounts representing income tax payable by building societies3
1
This regulation modifies the provisions of Schedule 16 as they have effect for the purpose of regulating the time and manner in which a building society resident in the United Kingdom—
a
is to account for and pay income tax in respect of a section 349(1) payment, and
b
is to be repaid income tax in respect of payments which it receives.
2
Schedule 16 shall have effect for those purposes—
a
with the substitution for any reference to a company of a reference to a building society;
b
with the substitution for paragraphs (a) to (c) of paragraph 2(2) of that Schedule ofthe words—
a
each complete payment quarter within the accounting period, beginning with the payment quarter ending 31 st May 1991;
b
each part of an accounting period (other than an accounting period ending on or before 22nd March 1991) being a part which begins after February 1991 and which is not a complete payment quarter.
c
as if paragraph 5 of that Schedule had effect only in relation to payments—
i
which are received by the building society after February 1991,
ii
which fall to be taken into account in computing its income chargeable to corporation tax, and
iii
in respect of which no claim has previously been made under that paragraph as modified by regulation 7(3)(e) of the 1986 Regulations.
(This note is not part of the Regulations)