Citation and commencement
1.
These Regulations may be cited as the Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 1992 and shall come into force on 30th January 1992.
Interpretation
2.
Amendments to the principal Regulations
3.
In regulation 2—
(a)
““the appropriate person” means any person who is beneficially entitled to a payment by a building society of a dividend or interest in respect of an investment, or is entitled to receive any such payment as a personal representative in his capacity as such, or to whom any such dividend or interest is payable;”;
(b)
(c)
““son or daughter” means a son or daughter aged 16 or over, and includes a stepson or stepdaughter and an adopted or illegitimate son or daughter;”.
4.
“(2)
The cases prescribed by this paragraph are all payments of dividends or interest in respect of an investment other than—
(a)
gross payments, and
(b)
payments referred to in section 477A (1A) of the Taxes Act6.”.
5.
In regulation 4(1)—
(a)
sub-paragraph (m) shall be omitted;
(b)
“(o)
a payment in respect of an investment forming part of a premiums trust fund (within the meaning of section 457 of the Taxes Act) of an underwriting member of Lloyd's;
(p)
a payment to a local authority within the meaning of section 842A of the Taxes Act7.”.
6.
In regulation 5(2)—
(a)
“or
(v)
a parent, guardian, spouse or son or daughter of a person suffering from mental disorder; or
(vi)
a receiver or other person appointed by any court in the United Kingdom to act in relation to the property and affairs of a person incapable, by reason of mental disorder, of managing and administering his property and affairs;”;
(b)
in paragraph (ii) of sub-paragraph (c) for the words “the certificate, if given, would relate” there shall be substituted the words “the certificate relates”.
7.
At the end of regulation 6(3) (d) (ii) there shall be added the words “or, if earlier, after it has become reasonably practicable so to deduct tax;”.
8.
In regulation 7 sub-paragraph (c) of paragraph (1) shall be omitted.
9.
In regulation 11—
(a)
“(1)
A building society may not treat an investment, or any payment of a dividend or interest in respect of it, as being within the provisions of sub-paragraphs (a) to (c) of paragraph (1) of regulation 4 unless it has received from the appropriate person a declaration in writing which can reasonably be taken to indicate that, at the time of the payment, those provisions apply.”;
(b)
in paragraph (2) for the words “that individual or, where sub-paragraph (c) applies, by his personal representatives” there shall be substituted the words “the appropriate person”;
(c)
“(a)
where sub-paragraph (a) or (b) applies, at the time the declaration is made the individual is not ordinarily resident in the United Kingdom and that the appropriate person will inform the building society if the individual becomes so ordinarily resident; or”;
(d)
“(2A)
A building society may not treat an investment, or any payment of a dividend or interest in respect of it, as being within the provisions of sub-paragraphs (d) to (f) or (k) of paragraph (1) of regulation 4 unless it has received from the investor a declaration in writing which can reasonably be taken to indicate that, at the time of the payment, those provisions apply.”;
(e)
in paragraph (4) for “paragraphs (1) or (2)” there shall be substituted “paragraphs (1), (2) or (2A)”.
10.
(1)
Regulation 12 shall be renumbered as paragraph (1) of that regulation.
(2)
In paragraph (1) of regulation 12 after “section 17” there shall be inserted “(1) to (4)”.
(3)
“(2)
A building society shall, if so required by notice from an inspector, include in a return under the provisions referred to in paragraph (1) the further information specified in paragraph (3).
(3)
The further information specified in this paragraph is—
(a)
as regards a gross payment within regulation 4(1) (n)—
(i)
the name and address of the person or, if more than one, each person beneficially entitled to the payment by or on behalf of whom a certificate under regulation 5 has been given (in paragraphs (ii) and (iii) referred to as “the beneficiary”) if other than the person or persons to whom the payment was made;
(ii)
the date of birth of the beneficiary;
(iii)
the national insurance number of the beneficiary if furnished to the building society pursuant to regulation 5 of, and the Schedule to, these Regulations;
(iv)
notification of the fact that the account in respect of which the payment was made is or was one in connection with which a certificate or certificates under regulation 5 had been given which had not ceased to be valid at the 5th April in the year in which the payment was made or at the date of closure of the account, if earlier in that year;
(v)
the reference number of the account referred to in paragraph (iv) and, where necessary for identifying the account, the branch of the building society where the account is held;
(vi)
where the payment was made to two or more investors each of whom was beneficially entitled to the payment, notification of that fact and, if known, the number of such persons;
(vii)
if furnished to the building society in connection with the account, the dates of birth and national insurance numbers of persons referred to in paragraph (vi) other than the beneficiary referred to in paragraphs (ii) and (iii);
(viii)
where a certificate referred to in regulation 5 was given by or on behalf of one or more, but not all, of the persons referred to in paragraph (vi) and had not ceased to be valid at the 5th April in the year in which the payment was made or at the date of closure of the account, if earlier in that year, notification of those facts;
(ix)
where the payment was the first payment made in respect of an account, notification of that fact;
(x)
where the payment was in a currency other than sterling and the amount of the payment is recorded in that currency in a return under the provisions referred to in paragraph (1) of this regulation, notification of the fact that the amount is so recorded and specification of the currency concerned;
(b)
as regards any other gross payment within regulation 4 or any payment to which regulation 3 applies—
(i)
the reference number of the account in respect of which the payment was made and, where necessary for identifying the account, the branch of the building society where the account is held;
(ii)
where the payment was made to two or more investors each of whom was beneficially entitled to the payment, notification of that fact and, if known, the number of such persons;
(iii)
if furnished to the building society in connection with the account, the date of birth and national insurance number of the person or, where paragraph (ii) applies, each person to whom the payment was made;
(iv)
where the payment made in the course of the year was the first payment in respect of an account, notification of that fact;
(v)
where the payment was in a currency other than sterling and the amount of the payment is recorded in that currency in a return under the provisions referred to in paragraph (1) of this regulation, notification of the fact that the amount is so recorded and specification of the currency concerned.”.
11.
In regulation 14(3) after the word “being” there shall be inserted the words “books, documents or”.
12.
In regulation 15(1) after the words “all such” there shall be inserted the words “copies of”.