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Requirement to submit return

Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations

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—(1) The concessionary rate of tax referred to in regulation 3(aa) shall not apply to any interest derived by a company from any qualifying debt securities issued during the period from 26 April 1999 to 31 December 2028 (both dates inclusive), where the issuer of such securities, or such other person as the Authority may direct, has not furnished to the Authority in respect of the issue of the debt securities —(a)a return on those securities within such period as the Authority may specify; and (b)such other particulars in connection with those securities as the Authority may require. (1A) The concessionary rate of tax referred to in regulation 3(ab) shall not apply to the discount derived by a company from any qualifying debt securities issued during the period from 17 February 2006 to 31 December 2028 (both dates inclusive), where the issuer of such securities, or such other person as the Authority may direct, has not furnished to the Authority in respect of the issue of the debt securities —(a)a return on those securities within such period as the Authority may specify; and (b)such other particulars in connection with those securities as the Authority may require.(1B) The concessionary rate of tax referred to in regulation 3(ac) shall not apply to any amount payable to a company from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1 January 2005 to 31 December 2028 (both dates inclusive), where the issuer of such securities, or such other person as the Authority may direct, has not furnished to the Authority in respect of the issue of the debt securities —(a)a return on those securities within such period as the Authority may specify; and (b)such other particulars in connection with those securities as the Authority may require.(1C) The concessionary rate of tax referred to in regulation 3(ad) shall not apply to any early redemption fee or redemption premium derived by a company from any qualifying debt securities issued during the period from 15 February 2007 to 31 December 2028 (both dates inclusive), where the issuer of such securities, or such other person as the Authority may direct, has not furnished to the Authority in respect of the issue of the debt securities —(a)a return on those securities within such period as the Authority may specify; and(b)such other particulars in connection with those securities as the Authority may require.(2) The tax exemption referred to in regulation 4(aa) shall not apply to any income derived by a financial institution from arranging, underwriting and distributing any qualifying debt securities during the period from 26th April 1999 to 31st December 2003, where the issuer of such securities, or such other person as the Comptroller may direct, has not furnished to the Comptroller in respect of the issue of the debt securities —(a)a return on those securities within such period as the Comptroller may specify; and (b)such other particulars in connection with those securities as the Comptroller may require.

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