Statutory Instrument 1995 No. 1283

The Income Tax (Stock Lending) (Amendment) Regulations 1995

---

© Crown Copyright 1995

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Income Tax (Stock Lending) (Amendment) Regulations 1995, ISBN 0110529812. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1995 No. 1283

INCOME TAX

The Income Tax (Stock Lending) (Amendment) Regulations 1995

The Treasury, in exercise of the powers conferred on them by section 129(4) of the Income and Corporation Taxes Act 1988^[1], hereby make the following Regulations:

Citation and commencement
    1.    These Regulations may be cited as the Income Tax (Stock Lending) (Amendment) Regulations 1995 and shall come into force on 19th June 1995.

Interpretation
    2.    In these Regulations "the principal Regulations" means the Income Tax (Stock Lending) Regulations 1989^[2] and "regulation" means a regulation of those Regulations.

Amendments to the principal Regulations
    3.    In regulation 2(1), in the definition of "other United Kingdom securities"^[3], for the word "Third" there shall be substituted the words "Alternative Investment".

    4.    In regulation 6A(1)(k)(i)^[4], for the words "required as a hedge against the likelihood of his having to deliver" there shall be substituted the words "required to be sold as a hedge against the likelihood of his having to receive".

Derek Connay

Timothy Kirkhope

Two of the Lords Commissioners of Her Majesty's Treasury

11th May 1995

These Regulations make two amendments to the Income Tax (Stock Lending) Regulations 1989 (S.I. 1989/1299) ("the principal Regulations") which specify the conditions which must be fulfilled before the tax reliefs conferred by section 129(3) of the Income and Corporation Taxes Act 1988 and section 271(9) of the Taxation of Chargeable Gains Act 1992 (c. 12) ("the tax reliefs") are obtained.

The first amendment is to the definition of "other United Kingdom securities" in regulation 2(1) of the principal Regulations. The amendment removes an obsolete reference to the Third Market of the Stock Exchange, a market which closed on 31st December 1990, and substitutes a new reference to the Alternative Investment Market of the Stock Exchange which is to be opened for trading on 19th June 1995. Regulation 4(1) of the principal Regulations (as substituted by regulation 5 of S.I. 1993/2003) provides that the tax reliefs do not apply to stock lending arrangements relating to other United Kingdom securities unless the conditions specified in regulation 6 of the principal Regulations are fulfilled.

The second amendment, which is of a drafting nature, is to regulation 6A of the principal Regulations which specifies the conditions to be fulfilled where the transfer is of United Kingdom equity securities to members of the London International Financial Futures and Options Exchange.

[1] 1988 c. 1; section 129 was amended by section 57 of the Finance Act 1991 (c. 31), by paragraph 14(8) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 (c. 12) and by section 84(1) to (4) of, and Part VIII(9) of Schedule 29 to, the Finance Act 1995 (c. 4). back

[2] S.I. 1989/1299, amended by S.I. 1990/2552, 1992/572, 1993/2003. back

[3] The definition of "other United Kingdom securities" in regulation 2(1) was amended by regulation 3(1)(b) of S.I. 1990/2552. back

[4] Regulation 6A was inserted by regulation 5 of S.I. 1992/572. back