The Reporting of Savings Income Information Regulations 2003

Extract

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The Reporting of Savings Income Information Regulations 2003

Statutory Instruments

TAXES

Made

16 th December 2003

Laid before the House of Commons

17 th December 2003

Coming into force in accordance with regulation 1(2)

The Treasury, in exercise of the powers conferred upon them by section 199 of the Finance Act 2003(1) , make the following Regulations:

PART 1 Introductory Provisions

Citation and commencement

1.  —

(1) These Regulations may be cited as the Reporting of Savings Income Information Regulations 2003.

(2) These Regulations shall come into force on such date, being not earlier than 1 st January 2005 , as is determined by the Treasury and specified by notices in the London, Edinburgh and Belfast Gazettes.

Interpretation

2.  —

(1) In these Regulations—

“the Savings Directive” means Council Directive 2003/48/EC of 3 rd June 2003 on taxation of savings income in the form of interest payments(2) and a reference without more to an Article is a reference to that Article of Council Directive 2003/48/EC;

“the Securities Directive” means Directive 2001/34/EC of 28 th May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities as amended(3);

“the UCITS Directive” means Council Directive 85/611/EEC of 20 th December 1985 on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as amended(4).

(2) In these Regulations—

“agent” means paying agent or receiving agent as appropriate;

“economic operator” is a person established in another member State who makes savings income payments in the course of his business or profession;

“money debt” is a debt arising from a transaction for the lending of money and which falls to be, or may be, settled—

by the payment of money; or

by the transfer of a right to settlement under a debt which is itself a money debt,

subject to the qualification in regulation 17;

“paying agent” has the meaning given in regulation 3;

“a prescribed territory” is another member State;

“receiving agent” ha...

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