1996 No. 1226
The Income Tax (Unapproved Manufactured Payments) Regulations 1996
Made
Laid before the House of Commons
Coming into force
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 19881, 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 19882 there shall be substituted the following definition—
“unapproved manufactured payment”, subject to any regulations under sub- paragraph (2) below, means—
- a
any manufactured dividend paid in connection with an unapproved stock lending arrangement, and
- b
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—
- i
a market maker in relation to United Kingdom equities of the kind in question, or
- ii
in such circumstances as may be prescribed, a member, of a prescribed class or description, of a prescribed recognised investment exchange, or
- iii
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;
(This note is not part of the Regulations)