The Income Tax (Building Societies) (Dividends and Interest) (Amendment) Regulations 1996
These Regulations amend the Building Societies (Dividends and Interest) Regulations 1990 (S.I. 1990/2231) (“the principal Regulations”) so as to enable payments by building societies of dividends and interest to discretionary and accumulation trusts made on or after 6th April 1996 to be made without deduction of tax, provided that the trustees are not resident in the United Kingdom and the beneficiaries are not ordinarily resident in the United Kingdom (or in the case of a company which is a beneficiary, not resident in the United Kingdom). The Regulations also make other amendments of a minor nature to the principal Regulations as set out below.