INCOME TAX Citation and commencement 1 These Regulations may be cited as the Income Tax (Manufactured Overseas Dividends) (Amendment) Regulations 1996 and shall come into force on 28th May 1996. Interpretation 2 In these Regulations “the principal Regulations ” means the Income Tax (Manufactured Overseas Dividends) Regulations 1993 and “regulation” means a regulation of the principal Regulations. Amendments to the principal Regulations 3 In regulation 2— a the definition of “approved manufactured overseas dividend” shall be omitted; b in the definition of “approved United Kingdom collecting agent”— i after the words “a person who is” there shall be inserted “a collecting agent for the purposes of Chapter VIIA of Part IV of the Taxes Act and who is”; ii for the words from “, as part of” to the end there shall be substituted “is approved by the Board for the purposes of these Regulations”; c in the definition of “approved United Kingdom intermediary” for the words from “an approved intermediary” to the end there shall be substituted “approved as an intermediary by the Board for the purposes of these Regulations”; d the definition of “unapproved manufactured payment” shall be omitted. 4 In regulations 4, 5 and 7— a for the words “an approved manufactured overseas dividend”, wherever occurring, there shall be substituted “a manufactured overseas dividend”; b for the words “the approved manufactured overseas dividend”, wherever occurring, there shall be substituted “the manufactured overseas dividend”. 5 Regulation 9(2)(c) and the word “and” immediately following it shall be omitted. 6 In regulation 11— a in paragraphs (1)(d) and (2)(a)(i) and (c), the word “approved” immediately before “manufactured overseas dividends” shall be omitted; b paragraph (2)(a) (ii) shall be omitted. 7 In regulation 12— a in paragraph (1)— i in sub-paragraph (a) for “(a), (b), (c), or (d)” there shall be substituted “(b) or (c)”; ii in sub-paragraph (b) for the words from “subsection (2)” to “17(1)” there shall be substituted “Chapter VIIA of Part IV”; iii sub-paragraph (c) and the word “and” immediately preceding it shall be omitted; b in paragraph (2)— i in sub-paragraph (a) for the words from “subsection (2)” to “may be” there shall be substituted “Chapter VIIA of Part IV of the Taxes Act”; ii for sub-paragraph (b) there shall be substituted the following sub-paragraph— b the provisions of that Chapter relating to collecting agents shall apply in relation to amounts falling to be deducted under sub-paragraph (a) as if references in that Chapter to relevant dividends, or the proceeds of sale or other realisation of coupons for relevant dividends, included references to manufactured overseas dividends to which this regulation applies or, as the case may be, the proceeds of sale or other realisation of manufactured overseas dividends to which this regulation applies. 8 In regulation 13— a in paragraph (1)(a) for the words from “subsection (2)” to “17(1)” there shall be substituted “Chapter VIIA of Part IV”; b in paragraph (2)— i in sub-paragraph (a) for the words from “subsection (2)” to “may be” there shall be substituted “Chapter VIIA of Part IV of the Taxes Act”; ii for sub-paragraph (b) there shall be substituted the following sub-paragraph— b subject to paragraph (3), the provisions of that Chapter relating to collecting agents shall apply in relation to amounts falling to be deducted under sub-paragraph (a) as if the modifications to that Chapter specified in regulation 12(2)(b) also had effect in relation to manufactured overseas dividends to which this regulation applies. 9 For regulation 16 there shall be substituted the following regulation— Modifications of section 21 of the Management Act in relation to overseas dividend manufacturers 16 Section 21 of the Management Act shall apply in relation to an overseas dividend manufacturer as it applies to a market maker within the meaning of that section and shall have effect as if— a references to “market maker” in subsections (1), (2), (4) and (5) included references to an overseas dividend manufacturer, and b in subsection (1) the words from “whose” to the end were omitted. Simon Burns Michael Bates Two of the Lords Commissioners of Her Majesty’s Treasury 7th May 1996