Income Tax Act 2007 sections 159–160

Deduction by deposit-takers and building societies: saving for regulations

Sections 159 and 160 preserve the validity of existing regulations concerning tax deduction by building societies and related declaration processes, ensuring they continue to have effect under new legislative provisions after the repeal of the original enabling powers.

• Existing regulations made under the old ICTA rules for building society tax deduction are preserved and treated as if made under the replacement provision in the Taxes Management Act 1970
• Regulations about declarations to building societies are similarly preserved and treated as if made under the electronic communications provisions in the Finance Act 1999
• To qualify for preservation, the regulations must have been in force immediately before the repeal and must be of a type that could have been made under the new enabling powers
• Future regulations under the Finance Act 1999 electronic communications provisions may make any provision relating to Chapter 2 of Part 15 of the Income Tax Act 2007 as though that Chapter had already been in force when those sections were enacted