Statutory Instruments
2002 No. 1971
TAXES
The European Single Currency (Taxes) (Amendment) Regulations 2002
Made
25th July 2002
Laid before the House of Commons
25th July 2002
Coming into force
1st October 2002
The Treasury, in exercise of the powers conferred upon them by section 163 of the Finance Act 1998( 1 ), hereby make the following Regulations:
Citation, commencement and effect
1. —(1) These Regulations may be cited as the European Single Currency (Taxes) (Amendment) Regulations 2002 and shall come into force on 1st October 2002.
(2) These Regulations have effect in relation to accounting periods beginning on or after 1st October 2002.
Amendment of the European Single Currency (Taxes) Regulations 1998
2. Amend the European Single Currency (Taxes) Regulations 1998( 2 ) in accordance with regulations 3 and 4.
Amendment of regulation 2
3. In regulation 2(1)—
(a) omit the definition of “long-term capital asset” and “long-term capital liability”;
(b) omit the definition of “qualifying contract”;
(c) in the definition of “relevant asset” for “a long-term capital asset, a long-term capital liability, an option, a qualifying contract” substitute “an option”.
Omission of regulations 7 to 11
4. Omit regulations 7 to 11.
Jim Fitzpatrick
Philip Woolas
Two of the Lords Commissioners of Her Majesty’s Treasury
25th July 2002
S.I. 1998/3177 .