The Income Tax (Gilt-edged Securities) (Gross Payments of Interest) Regulations 1995

Interpretation

2.  In these Regulations unless the context otherwise requires—

“approved CGO member” means a CGO member who is approved by the Board to receive interest on gilt-edged securities without deduction of income tax;

“arrangements” means arrangements under which gilt-edged securities of an eligible person are held;

“the Board” means the Commissioners of Inland Revenue;

“business establishment”, in relation to a person having a business establishment in the United Kingdom, means premises which are, or are intended to be, occupied and used with a reasonable degree of permanence;

“CGO” means the Central Gilts Office of the Bank of England;

“CGO member” means a person who has been admitted to membership of the CGO by the Bank of England;

“the Crown Agents” has the meaning given by section 1(2) of the Crown Agents Act 1979(1);

“EEA Agreement” means the Agreement on the European Economic Area signed at Oporto on 2nd May 1992(2) as adjusted by the Protocol signed at Brussels on 17th March 1993(3);

“EEA State” means a State, other than the United Kingdom, which is a Contracting Party to the EEA Agreement;

“eligible person” shall be construed in accordance with subsection (2) of section 51A;

“intermediary” means any person through whom an instruction is passed to a CGO member or another intermediary in connection with the holding of gilt-edged securities of an eligible person;

“notice” means notice in writing;

“recognised intermediary” has the meaning given by regulation 6(2);

“section 51A” means section 51A of the Taxes Act;

“STAR account” means an account designated by the CGO for the holding of gilt-edged securities of an eligible person;

“Taxes Act” means the Income and Corporation Taxes Act 1988(4).

(1)

1979 c. 43.

(2)

O.J. No. Ll, 3.1.94, p. 3.

(3)

O.J. No. Ll, 3.1.94, p. 572.

(4)

1988 c. 1.