
1 
These Regulations may be cited as the Income Tax (Stock Lending) (Amendment) Regulations 1990 and shall come into force on 7th January 1991.
2 
In these Regulations “the principal Regulations” means the Income Tax (Stock Lending) Regulations 1989 and “regulation” means a regulation of those Regulations.
3 

(1) In regulation 2(1)—
(a) in the definition of “gilt-edged securities”—
(i) at the end of paragraph (a) there shall be added the word “and”, and
(ii) paragraph (c) and the word “, and” at the end of paragraph (b) shall be omitted;
(b) in the definition of “other United Kingdom securities”—
(i) after the words “in respect of which” there shall be inserted the words “at the time the arrangement in question is made”;
(ii) in condition (a) the words “, at the time the arrangement in question is made,” shall be omitted; and
(iii) for condition (b) there shall be substituted—“
(b) that, where the shares or stock were issued by a government or public or local authority of a country or territory outside the United Kingdom, or by any other body of persons not resident in the United Kingdom, such shares or stock are registered in a register kept in the United Kingdom by or on behalf of that government, authority or body of persons;”;
(c) in the definition of “overseas securities” for paragraph (a) there shall be substituted—“
(a) stocks, shares and other securities issued by a government or public or local authority of a country or territory outside the United Kingdom, or by any other body of persons not resident in the United Kingdom, which are not other United Kingdom securities, and”.
(2) In regulation 6(3)(b) after the words “arrangement as” there shall be inserted the words “an agent or”.
(3) In regulation 7—
(a) in paragraph (1) for sub-paragraphs (d) and (e) there shall be substituted—“
(d) that the arrangement includes a provision for accounting to the Board for a sum representing income tax on any payment made by A to B as compensation for B’s failure to receive a dividend or other annual payment which he would have received if he had not entered into the arrangement.”;
(b) in paragraph (2)—
(i) in sub-paragraph (b) after the words “arrangement as” there shall be inserted the words “an agent or”;
(ii) for sub-paragraph (d) there shall be substituted—“
(d) that the arrangement includes a provision for accounting to the Board for a sum representing income tax on any payment made by B to C as compensation for C’s failure to receive a dividend or other annual payment which he would have received if he had not entered into the arrangement.”;
(c) in paragraph (3) the definition of “held overseas” shall be omitted.
Sydney Chapman
Irvine Patnick
Two of the Lords Commissioners of Her Majesty’s Treasury
13th December 1990