ANNEX 1:: MINOR CHANGES IN THE LAW MADE BY THE BILL Position under the source legislation
The main source provisions for the deposit-taker regime, such as the main definitions, details of the categories of payment from which a sum representing income tax is or is not to be deducted and provisions about declarations of non-UK residence, are set out in sections 480A to 482 of ICTA. These sections are supported by the Income Tax (Deposit-takers) (Interest Payments) Regulations 1990 (SI 1990/2232). This split between primary and secondary legislation is in keeping with the approach to the divide between primary and secondary legislation generally.
But, for historical reasons, not least in relation to the creation and later abolition of composite rate tax, all of the provisions for building societies are regulations - in particular the building society regulations made under section 477A of ICTA.
The following regulations and orders also apply in relation to the deduction regimes:
	The Income Tax (Building Societies) (Audit Powers) Regulations 1992 (SI 1992/10) and the Income Tax (Deposit-takers) (Audit Powers) Regulations 1992 (SI 1992/12) about audit powers for the two regimes;
	The Income Tax (Deposit-takers) (Non-residents) Regulations 1992 (SI 1992/14) about declarations and certificates for non-UK residents;
	The Income Tax (Interest Payments) (Information Powers) Regulations 1992 (SI 1992/15) about the provision of information by building societies and deposit-takers;
	The Income Tax (Prescribed Deposit-takers) Order 1992 (SI 1992/3234) which treats firms with EEA passport rights as deposit-takers;
	The Deposit-takers (Interest Payments) (Discretionary or Accumulation Trusts) Regulations 1995 (SI 1995/1370); and
	The Income Tax (Prescribed Deposit-takers) Order 2002 (SI 2002/1968), which treats certain dealers in financial instruments as deposit-takers.