INCOME TAX Citation and commencement 1 These Regulations may be cited as the Income Tax (Building Societies) (Dividends and Interest) (Amendment No. 2) Regulations 1992 and shall come into force on14th December 1992. Interpretation 2 In these Regulations “the principal Regulations ” means the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 and “regulation” means a regulation of those Regulations. Amendments to the principal Regulations 3 In regulation 2— a for the definition of “qualifying certificate of deposit” there shall be substituted— “qualifying certificate of deposit” has the meaning given by section 349(4) of the Taxes Act; “qualifying deposit right” has the meaning given by section 349(4) of the Taxes Act reading “paid” as “paid or credited”; b the definition of “exempt friendly society” shall be omitted. 4 1 Subject to paragraph (2), in regulation 4— a in paragraph (1)— i sub-paragraph (e) shall be omitted; ii for sub-paragraph (g) there shall be substituted— g a payment to a company within the meaning of section 832(1) of the Taxes Act; ; iii sub-paragraph (i) shall be omitted; iv in sub-paragraph (j) after the words “qualifying certificate of deposit” there shall be inserted the words “, qualifying deposit right”; v after sub-paragraph (p) there shall be added— q a payment to a health service body within the meaning of section 519A of the Taxes Act ; r a payment to trustees of a unit trust scheme within the meaning ofsection 75(8) of the Financial Services Act 1986 . ; b paragraphs (2), (3) and (4) shall be omitted. 2 The amendments made by paragraph (ii) of sub-paragraph (a), and by sub-paragraph (b), of paragraph (1) above shall not have effect in relation to an election made under sub-paragraph (g) of paragraph (1) of regulation 4 which was in force immediately before the date of coming into force of these Regulations, and accordingly such an election shall continue in full force and effect unless and until it ceases to be in force by virtue of paragraph (2) of regulation 4 or is revoked pursuant to that paragraph. 5 In regulation 11— a in paragraph (2A) — i the words “Subject to paragraph (2B),” shall be inserted before the words “a building society”; ii for “sub-paragraphs (d) to (f) or (k)” there shall be substituted “sub-paragraphs (d), (f), (g), (k) or (r)”; b after paragraph (2A) there shall be inserted— 2B Paragraph (2A) shall not apply to— a a payment of interest made to a building society on a loan made by a building society, or b a payment of interest made to a company in relation to which an election under sub-paragraph (g) of paragraph (1) of regulation 4 was in force immediately before 14th December 1992 and remains in force at the time of the payment. . 6 In paragraph (1) of regulation 12 — a for “(1) to (4)” there shall be substituted “(1), (2) and (4) to (4C)” ; b the word “and” immediately following sub-paragraph (a) shall be omitted; c for sub-paragraph (b) there shall be substituted— b for the word “banking” in subsection (1) there were substituted the words “a building society”; ; d after sub-paragraph (b) there shall be added— c in paragraph (a) of subsection (4B)— i for the reference to a declaration made under section 481(5)(k) of the Taxes Act and the operation of section 482(5) of that Act in relation to that declaration there were substituted a reference to declarations made under regulations 11(1) and (2) and the operation of regulation 11(4) in relation to those declarations, and ii for the reference to section 480A(1) of the Taxes Act there were substituted a reference to regulation 3; and d in paragraph (b) of subsection (4B) for the word “declaration” there were substituted the word “declarations”. . T. J. Painter L. J. H. Beighton Two of the Commissioners of Inland Revenue 19th November 1992