Citation, commencement and interpretation
1.—(1) These Regulations may be cited as the Manufactured Interest (Tax) Regulations 2007, shall come into force on 1st October 2007, and shall have effect in relation to payments of manufactured interest made or treated as made on or after that day.
(2) In these Regulations—
“interest manufacturer” shall be construed in accordance with regulation 2(2);
“manufactured interest” shall be construed in accordance with regulation 2(2);
“recipient” shall be construed in accordance with paragraphs (3) and (4).
(3) In these Regulations “recipient”, in relation to a payment of manufactured interest, means a company to which either paragraph (a) or paragraph (b) of section 920(2) of the Income Tax Act 2007 applies, and shall be construed in accordance with regulation 2(2).
(4) For the purpose of determining whether or not a company is a recipient in relation to a payment of manufactured interest, paragraph 4(3) of Schedule 13 to the Finance Act 2007(1) (ignoring effect on borrower of sale of securities) shall not apply.