The Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008

Regulation 20

SCHEDULE 1 CONSEQUENTIAL AMENDMENTS

1.  Regulation 16 of the Reporting of Savings Income Information Regulations 2003 (audit and related issues)(1) is amended as follows.

2.  In paragraph (5)—

(a) for sub-paragraph (i) substitute—

“(i) regulations 8(5) and 14(6) of the Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008”; and

(b) omit sub-paragraphs (ii) and (iii).

3.  In paragraph (6)(b)—

(a) in paragraph (ii) for “Chapter 4 of Part 12 of the Income and Corporation Taxes Act 1988” substitute “Chapter 2 of Part 15 of the Income Tax Act 2007”;

(b) for paragraph (iii) substitute—

“(iii) the Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008, and”; and

(c) omit sub-paragraph (iv).

Regulation 20

SCHEDULE 2 TRANSITIONAL PROVISIONS AND SAVINGS

PART 1 GENERAL PROVISIONS

Continuity of the law

1.  The revocation of provisions and their making in a rewritten form by these Regulations does not affect the continuity of the law.

2.  Paragraph 1 does not apply to any change in the law made by these Regulations.

3.  Anything which—

(a) has been done, or has effect as if done, under or for the purposes of a provision of the revoked Regulations, and

(b) is in force or effective immediately before the commencement of these Regulations,

has effect after that commencement as if done under or for the purposes of the corresponding provision of these Regulations.

4.  Any reference (express or implied) in these Regulations or any document made under these Regulations to—

(a) a provision of these Regulations, or

(b) things done or falling to be done under or for the purposes of a provision of these Regulations,

is to be read as including, in relation to times, circumstances or purposes in relation to which any corresponding provision of the revoked Regulations had effect, a reference to the provision of the revoked Regulations or to things done or falling to be done under or for the purposes of the provision of the revoked Regulations.

5.  Any reference (express or implied) in these Regulations to—

(a) a provision of ITA 2007, or

(b) things done or falling to be done under or for the purposes of a provision of ITA 2007,

is to be read as including, in relation to times, circumstances or purposes in relation to which any corresponding provision repealed by that Act had effect, a reference to the repealed provision or to things done or falling to be done under or for the purposes of the repealed provision.

6.  Paragraphs 4 and 5 apply only so far as the context permits.

7.  Paragraphs 1 to 5 have effect instead of paragraph (b) of section 17(2) of the Interpretation Act 1978(2).

General saving for old savings

8.—(1) The revocation by these Regulations of a provision previously revoked subject to savings does not affect the continued operation of those savings.

(2) The revocation by these Regulations of a saving on the previous revocation of a provision does not affect the operation of the saving in so far as it is not specifically reproduced in these Regulations but remains capable of having effect.

PART 2 SPECIFIC PROVISIONS

9.—(1) Declarations made under regulation 11 of the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990(3) or treated as having effect as if made under that provision shall have effect as if made under section 858(3), 859(3), 860(3) or 861(3) of ITA 2007.

(2) Declarations within paragraph (1) shall be preserved by a building society for two years after the investment has been repaid or become a relevant investment.

Regulation 20

SCHEDULE 3 REVOCATIONS

Column (1) Regulations revoked	Column (2) References
The Income Tax (Building Societies) (Dividends and Interest) Regulations 1990	S.I. 1990/2231
The Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 1992 The Income Tax (Building Societies) (Dividends and Interest) (Amendment No. 2) Regulations 1992	S.I. 1992/11 S.I. 1992/2915
The Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 1994	S.I. 1994/296
The Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 1995 The Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 1996 The Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 2001 The Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 2005 The Income Tax (Deposit-takers) (Interest Payments) Regulations 1990	S.I. 1995/1184 S.I. 1996/223 S.I. 2001/404 S.I. 2005/3474 S.I. 1990/2232
The Income Tax (Deposit-takers) (Interest Payments) (Amendment) Regulations 1992 The Income Tax (Deposit-takers) (Interest Payments) (Amendment) Regulations 1994 The Income Tax (Deposit-takers) (Interest Payments) (Amendment) Regulations 2001 The Income Tax (Building Societies) (Audit Powers) Regulations 1992 The Income Tax (Deposit-takers) (Audit Powers) Regulations 1992 The Income Tax (Deposit-takers) (Non-residents) Regulations 1992	S.I. 1992/13 S.I. 1994/295 S.I. 2001/406 S.I. 1992/10 S.I. 1992/12 S.I. 1992/14

(1)

S.I. 2003/3297. Regulation 16 was amended by regulation 16 of S.I. 2005/1539.

(2)

1978 c 30.

(3)

S.I. 1990/2231. Regulation 11 was amended by regulation 9 of S.I. 1992/11, by regulation 5 of S.I. 1992/2915, by regulation 5 of S.I. 1994/296, by regulation 6 of S.I. 1996/223 and by regulation 7 of S.I. 2001/404.