The Income Tax (Interest Relief) (Amendment) Regulations 1995

UK Statutory Instrument 1995 No. 1213 — creates 2 criminal offences.

2offences created

0recorded in force

0revoked

Made: 2 May 1995
In force from: 4 May 1995
Extent: Not stated
Subject: Tax, customs and excise
Made under: Income and Corporation Taxes Act 1988

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations make various amendments to the Income Tax (Interest Relief) Regulations 1982 (S.I. 1982/1236) (“the principal MIRASRegulations”) in connection with the administration of the mortgage interest relief at source (MIRAS) scheme. The amendments made by regulations 4 and 5 are in consequence of provisions contained in section 112 of the Finance Act 1995 (c. 4) relating to the recovery of certain amounts deducted by borrowers, or paid by the Board of Inland Revenue (“the Board”), under the MIRAS scheme. Regulation 1 provides for citation, commencement and effect, and regulation 2 contains a definition. Regulation 3 omits regulation 3(2) of the principal Regulations, thereby abolishing the requirement for a lender to send to the Board a copy of the statutory notice received from a borrower certifying that he meets the required conditions for the operation of MIRAS in connection with loan interest. Regulation 4 inserts a new regulation 8B in the principal Regulations which enables the Board to recover by way of assessment amounts paid in certain circumstances to a borrower under the MIRAS scheme to which he is not entitled. The regulation also enables the Board in such cases to impose penalties for any false statement made fraudulently or negligently by the borrower in connection with the payment of such amounts, or for unreasonable delay on the part of the borrower in notifying the Board that interest on a loan has ceased to qualify for MIRAS. Regulation 5 makes necessary amendments to regulation 19 of the principal Regulations as a result of the insertion by section 112 of the Finance Act 1995 of a new provision (section 374A) in the Income and Corporation Taxes Act 1988 which enables the Board to recover amounts deducted under the MIRAS scheme that should not have been deducted.

Offences created by this instrument

If in a case to which paragraph (1) applies, the borrower fraudulently or negligently makes any false statement or… regulation 4 · Status not determined · Mixed — some elements strict, some not
If in a case to which paragraph (1) applies, the borrower is required to give notice under subsection (1) of section… regulation 4 · Status not determined · Mixed — some elements strict, some not

What Parliament said about it

Hansard was searched for this instrument by name and returned nothing. That is the ordinary outcome: an instrument laid under the negative procedure is usually never debated, and becomes law without a word said about it in either House.

How Parliament handled it

Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.

Check the source

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Other instruments from 1995