
1 
These Regulations may be cited as the Income Tax (Manufactured Interest) (Amendment) Regulations 1995 and shall come into force on 2nd January 1996.
2 
In these Regulations “the principal Regulations” means the Income Tax (Manufactured Interest) Regulations 1992 and “regulation” means a regulation of those Regulations.
3 
In regulation 2—
(a) after the definition of “approved manufactured payment” there shall be inserted the following definition —“
 “gilt-edged securities” has the meaning given by section 51A(7) of the Taxes Act;”;
(b) for the definition of “unapproved manufactured payment” there shall be substituted the following definition —“
 “unapproved manufactured payment” in relation to manufactured interest has the meaning given by paragraph 1(1) of Schedule 23A (as amended by regulation 2A);”.
4 
After regulation 2 there shall be inserted the following regulation—“
2A 

(1) The definition of “unapproved manufactured payment” in paragraph 1(1) of Schedule 23A shall be amended as follows.
(2) In paragraph (b) of the definition after the words “United Kingdom securities” where they first occur there shall be inserted the words “other than gilt-edged securities within the meaning given by section 51A(7) or in respect of”.”.
5 
Paragraph (a) of regulation 3 shall be omitted.
6 
Part II of the principal Regulations (comprising regulation 5) shall be omitted.
7 
In regulation 6(c) after the words “approved manufactured payment” there shall be added the words “in respect of United Kingdom securities other than gilt-edged securities”.
8 
In regulation 8 for the words from “made” to “regulation 5” there shall be substituted the words “of an amount representative of interest on gilt-edged securities”.
Derek Conway
Bowen Wells
Two of the Lords Commissioners of Her Majesty’s Treasury
6th December 1995