Statutory Instruments
2011 No. 2951
Corporation Tax
The Investment Trusts (Dividends) (Optional Treatment as Interest Distributions) (Amendment) Regulations 2011
Made
8th December 2011
Laid before the House of Commons
9th December 2011
Coming into force
1st January 2012
The Treasury make the following Regulations in exercise of the powers conferred by section 45(1) to (3) of the Finance Act 2009( 1 ).
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Investment Trusts (Dividends) (Optional Treatment as Interest Distributions) (Amendment) Regulations 2011 and shall come into force on 1st January 2012.
(2) These Regulations shall have effect in relation to amounts distributed in respect of accounting periods beginning on or after 1st January 2012.
Amendment to the Investment Trusts (Dividends) (Optional Treatment as Interest Distributions) Regulations 2009
2.The Investment Trusts (Dividends) (Optional Treatment as Interest Distributions) Regulations 2009( 2 ) are amended as follows.
Amendment of regulation 6 (notification of designation of dividends as interest distributions)
3. Omit regulation 6 (notification of designation of dividends as interest distributions).
Amendment of regulation 12 (failure to obtain approval as an investment trust)
4. For regulation 12 (failure to obtain approval as an investment trust) substitute—
“ 12. No amount may be distributed as an interest distribution by a company in relation to an accounting period for which the company is not approved, or is treated as not having been approved, in accordance with regulations made under section 1159 of the Corporation Tax Act 2010 ( 3 ) . ” .
Angela Watkinson
James Duddridge
Two of the Lords Commissioners of Her Majesty’s Treasury
8th December 2011
2010 c.4 ; new section 1159 was substituted by section 49 of the Finance Act 2011 (c.11) .