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Statutory Instruments

2006 No. 3291

Capital gains tax

The Capital Gains Tax (Definition of Permanent Interest Bearing Share) Regulations 2006

Made

11th December 2006

Laid before the House of Commons

11th December 2006

Coming into force

1st January 2007

The Treasury make the following Regulations in exercise of the powers conferred by section 117(12) of the Taxation of Chargeable Gains Act 1992( 1 ):

Citation and commencement

1. These Regulations may be cited as the Capital Gains Tax (Definition of Permanent Interest Bearing Share) Regulations 2006 and come into force on 1st January 2007.

Definition of permanent interest bearing share

2. —(1) In the definition of “permanent interest-bearing share” in paragraph (b) of subsection (11) of section 117 of the Taxation of Chargeable Gains Act 1992(meaning of “qualifying corporate bond”)( 2 )—

(a) for “within the meaning of, and is eligible for inclusion in the calculation for capital adequacy in accordance with,” substitute “for the purposes of”; and

(b) for “Prudential Sourcebook (Building Societies)” substitute—

“ General Prudential Sourcebook made by the Financial Services Authority under the Financial Services and Markets Act 2000 ” .

(2) In consequence of the amendment made by paragraph (1) the words in subsection (11) following paragraph (b) are repealed.

Dave Watts

Frank Roy

Two of the Lords Commissioners of Her Majesty’s Treasury

11th December 2006

( 1 )

1992 c. 12 .

( 2 )

This definition was last substituted by article 63(1) of S.I. 2001/3629 .

Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
The Capital Gains Tax (Definition of Permanent Interest Bearing Share) Regulations 2006 (2006/3291)

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Defined TermSection/ArticleIDScope of Application
qualifying corporate bondreg. 2.qualifying_rtXk5N1

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