Part IIIIncome Tax, Corporation Tax and Capital Gains Tax
Chapter IIncome Tax and Corporation Tax
Gilt-edged securities
37Abolition of periodic accounting
1
Section 51B of the Taxes Act 1988 (which enables provision to be made requiring tax on interest on gilt-edged securities to be accounted for periodically) shall cease to have effect.
2
In consequence of subsection (1) above, in paragraph 3 of Schedule 19AB to that Act (repayment of excessive provisional payments made on self-assessment), in sub-paragraph (1C) (as inserted by Schedule 34 to the [1996 c. 8.] Finance Act 1996)—
a
the word “or” shall be inserted at the end of paragraph (a); and
b
paragraph (c) and the word “or” immediately preceding it shall be omitted.
3
The preceding provisions of this section have effect in relation only to payments of interest falling due on or after such day as the Treasury may by order appoint.