The Gilt-edged Securities (Periodic Accounting for Tax on Interest) Regulations 1995

Interpretation

2.—(1) In these Regulations unless the context otherwise requires—

“amount of manufactured gilt interest paid” means an amount specified in regulation 6(5) or, as the case may be, 7(5);

“amount of manufactured gilt interest received” means an amount specified in regulation 6(3) or, as the case may be, 7(3);

“amount of real gilt interest received” means an amount specified in regulation 6(4) or, as the case may be, 7(4);

“the Board” means the Commissioners of Inland Revenue;

“FOTRA securities” means securities issued with the condition mentioned in section 22(1) of the Finance (No. 2) Act 1931(1) (securities free of tax for residents abroad);

“manufactured payment” means any payment which for the purposes of Schedule 23A is a payment of manufactured interest, and to which paragraph 3A of that Schedule applies(2);

“payment on account” shall be construed in accordance with regulation 13(2) or, as the case may be, 14(2);

“the relevant amount of tax” shall be construed in accordance with paragraph (6)(b), (8)(c) or (10) of regulation 13 or paragraph (6)(b), (8)(c) or (14) of regulation 14, as the case may be;

“relevant gilt-edged securities” has the meaning given by section 51B(5);

“relevant payment” means any payment which is a relevant payment for the purposes of Schedule 16;

“relevant year of assessment” has the meaning given by section 51B(6);

“return period” shall be construed in accordance with regulation 5(1).

(2) The Table below indexes other general definitions in these Regulations—

Term defined	Regulation
aggregate amount of excess gilt interest received	8(3)
amount of excess gilt interest paid	8(2)
amount of excess gilt interest received	8(1)
non-resident company	3(5)
relevant company	3(1)
resident company	3(3).

(3) In these Regulations unless the context otherwise requires, any reference to a particular provision, without more, is a reference to that provision of the Income and Corporation Taxes Act 1988.

(1)

1931 c. 49.

(2)

Schedule 23A was inserted by section 58(2) of, and paragraph 1 of Schedule 13 to, the Finance Act 1991 (c. 31). Paragraph 3A of Schedule 23A was inserted by section 82(2) of the Finance Act 1995 and was brought into effect in relation to payments made on or after 2nd January 1996 by S.I. 1995/2933 (C.63).