- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
INCOME TAX
Made
7th May 1996
Laid before the House of Commons
7th May 1996
Coming into force
28th May 1996
The Treasury, in exercise of the powers conferred on them by paragraph 1(1) and (2)(b) of Schedule 23A to the Income and Corporation Taxes Act 1988(1), hereby make the following Regulations:
1. These Regulations may be cited as the Income Tax (Unapproved Manufactured Payments) Regulations 1996 and shall come into force on 28th May 1996.
2. For the definition of “unapproved manufactured payment” in paragraph 1(1) of Schedule 23A to the Income and Corporation Taxes Act 1988(2) there shall be substituted the following definition—
““unapproved manufactured payment”, subject to any regulations under sub- paragraph (2) below, means—
any manufactured dividend paid in connection with an unapproved stock lending arrangement, and
any manufactured dividend not falling within paragraph (a) above which is paid in respect of United Kingdom equities by a person other than one who is—
a market maker in relation to United Kingdom equities of the kind in question, or
in such circumstances as may be prescribed, a member, of a prescribed class or description, of a prescribed recognised investment exchange, or
in such circumstances as may be prescribed, a prescribed recognised clearing house,
and which is so paid otherwise than in connection with an approved stock lending arrangement;”.
Simon Burns
Michael Bates
Two of the Lords Commissioners of Her Majesty’s Treasury
7th May 1996
(This note is not part of the Regulations)
These Regulations substitute a new definition of “unapproved manufactured payment” in paragraph 1(1) of Schedule 23A to the Income and Corporation Taxes Act 1988 (“Schedule 23A”) so that the definition relates only to manufactured dividends paid in respect of United Kingdom equities.
The substitution is made in consequence of the repeal by paragraph 52(6) of Schedule 14 to the Finance Act 1996 (c. 8) of those provisions in paragraph 6 of Schedule 23A that relate to unapproved manufactured payments in respect of securities other than United Kingdom equities. The repeals coincide with the enactment of provisions contained in Chapter II of Part IV of the Finance Act 1996 relating to corporate loan relationships.
1988 c. 1. Schedule 23A was inserted by paragraph 1 of Schedule 13 to the Finance Act 1991 (c. 31). See the definition of “dividend manufacturing regulations” in paragraph 1(1) of Schedule 23A.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: