Made | 8th November 2001 | ||
Laid before Parliament | 8th November 2001 | ||
Coming into force | 1st December 2001 |
1. | Citation and commencement |
2. | Interpretation |
3. | Returns and other information: stock jobbers' transactions |
4. | Composition agreements in relation to stamp duty |
5. | Settled property: qualifying interests in possession |
6. | Introduction |
7. | Stamp duty: intermediaries |
8. | Stamp duty: interpretation of sections 81, 82 and 84 |
9. | Stamp duty reserve tax: intermediaries |
10. | Stamp duty reserve tax: interpretation |
11. | Inheritance tax: power to amend definitions of "market maker" |
12. | Power to modify section 21 of the Taxes Management Act 1970: definition of recognised investment exchange |
13. | Introduction |
14. | Transfers of insurance business |
15. | Insurance business: application of sections 43A to 43E of the Taxes Act |
16. | Tax treatment of levies and repayments |
17. | PAYE: readily convertible assets |
18. | Relief on life assurance premiums |
19. | Interest under contractual savings schemes |
20. | Tax-exempt special savings accounts |
21. | Personal equity plans: tax representatives |
22. | Involvement of insurance companies with plans and accounts |
23. | Mortgage interest relief: qualifying lenders |
24. | Mortgage interest relief: register of qualifying lenders |
25. | Mortgage interest relief: interpretation |
26. | Interpretative provisions relating to insurance companies |
27. | Power to amend the Tax Acts so far as relating to insurance companies |
28. | Transfer of assets etc. |
29. | Effect of transfer of insurance business |
30. | Equalisation reserves |
31. | Capital redemption business |
32. | Friendly societies: exemption from tax in respect of life or endowment business |
33. | Taxation in respect of other business |
34. | Taxation in respect of other business: incorporated friendly societies qualifying for exemption |
35. | Taxation in respect of other business: incorporated friendly societies etc. |
36. | Taxation in respect of other business: withdrawal of "qualifying" status from incorporated friendly society |
37. | Interpretation of Chapter 2 of Part 12 |
38. | Authorised unit trusts: interest distributions |
39. | Interest payments: meaning of deposit-taker |
40. | Gifts of shares and securities to charities etc. |
41. | Establishment of schemes |
42. | Pension schemes etc.: meaning of insurance company |
43. | Power to modify section 735 to take account of recognised investment exchanges |
44. | Amendment of return where general insurance business of foreign company accounted for on a non-annual basis |
45. | Material interests in offshore funds |
46. | Interpretation: meaning of "bank" |
47. | Qualifying policies |
48. | Contractual savings schemes: relevant European institutions |
49. | Overseas life insurance companies |
50. | Charities: qualifying investments |
51. | Apportionment in relation to foreign controlled company: exempt activities |
52. | Miscellaneous amendments |
53. | Meaning of "financial trading stock" in relation to a building society |
54. | Introduction |
55. | Calculation of profits |
56. | Computation of profits of life assurance companies |
57. | Meaning of "brought into account" |
58. | Policy holders' share of profits |
59. | Modification of section 83A in relation to overseas life insurance companies |
60. | Miscellaneous amendments |
61. | Introduction |
62. | Unit trust schemes |
63. | Qualifying corporate bonds: meaning of permanent interest bearing share |
64. | Commodity and financial futures etc. |
65. | Options and forfeited deposits |
66. | Transfer of insurance business |
67. | Spreading of gains and losses accruing as a result of deemed disposal under section 212 |
68. | Gains not eligible for taper relief |
69. | Application of Act to recognised investment exchanges |
70. | Interpretation |
71. | Application of taper relief: special rules for assets acquired in the reconstruction of mutual businesses etc. |
72. | Overseas life insurance companies |
73. | Miscellaneous amendments |
74. | Special provisions in relation to banks etc. in compulsory liquidation |
75. | Introduction |
76. | Deferral of unrealised gains |
77. | Early termination of currency contract |
78. | Insurance companies |
79. | Interpretation |
80. | Exchange gains and losses: alternative calculations |
81. | Exchange gains and losses: chargeable gains |
82. | Miscellaneous amendments |
83. | Introduction |
84. | Interest rate and currency contracts |
85. | Interpretation |
86. | Provisions relating to the Railways Act 1993 |
87. | Miscellaneous amendments |
88. | Introduction |
89. | Persons not treated as UK representatives |
90. | Open-ended investment companies |
91. | Contractual savings schemes |
92. | Introduction |
93. | Mis-sold personal pensions |
94. | Loan relationships: continuity of treatment |
95. | Loan relationships: collective investment schemes |
96. | Miscellaneous amendments |
97. | Introduction |
98. | Payments under certain life insurance policies |
99. | Stamp duty: mergers of authorised unit trusts |
100. | Stamp duty: demutualisation of insurance companies |
101. | Stamp duty reserve tax: mergers of authorised unit trusts |
102. | Leasing arrangements - finance leases and loans |
103. | Company tax returns: insurance companies and friendly societies with non-annual actuarial investigations |
104. | Stamp duty and stamp duty reserve tax: meaning of unit trust scheme |
105. | Introduction |
106. | General insurance reserves |
107. | Employee share ownership plans |
108. | Transfer of insurance company business |
109. | Repeals and revocations in consequence of the amendments made by this Part |
110. | Interpretation |
111. | Interpretation |
112. | Introduction |
113. | Interpretation |
114. | Notice of charge and payment |
115. | The Taxes Management Act 1970: provisions to apply |
116. | Interpretation |
117. | Interpretation |
118. | Interpretation |
119. | Disapplication of paragraphs 2, 3, 4 and 6 of Schedule 23 to the Income and Corporation Taxes Act 1988 - further provision |
120. | Introduction |
121. | Interpretation |
122. | General investment rules |
123. | Qualifying investments |
124. | Plan manager - qualifications and Board's approval |
125. | Returns of information by plan manager |
126. | Mis-sold pension contracts - further disapplication of paragraphs 5(4) and 6(5) of Schedule 6 to the Finance Act 1989 |
127. | Interpretation |
128. | Gross payments |
129. | Introduction |
130. | Interpretation |
131. | Notification by society or institution of intention to operate accounts |
132. | Society or institution ceasing to be entitled to operate accounts |
133. | Miscellaneous amendments |
134. | A, B and C factors: introductory |
135. | Modification of sections 105(7) and 234(4) of the Inheritance Tax Act 1984 |
136. | Meaning of European deposit-taker |
137. | Settlement and replacement of debts |
138. | Specified assets |
139. | Cessation of individual member's underwriting business - terminal loss relief |
140. | Prescribed percentage rates of return |
141. | Reporting of chargeable events |
142. | Miscellaneous amendments |
143. | Interpretation |
144. | Interpretation |
145. | Interpretation |
146. | Introduction |
147. | Interpretation |
148. | Non-annual accounts: tax returns prepared on an annual basis |
149. | EEA firms and Treaty firms |
150. | Certain business carried on outside the United Kingdom |
151. | Miscellaneous amendments |
152. | Introduction |
153. | Interpretation |
154. | Modification of section 12 of the Income and Corporation Taxes Act 1988 |
155. | Modification of section 76(7) of the Income and Corporation Taxes Act 1988 |
156. | Modifications of section 431 of the Income and Corporation Taxes Act 1988 |
157. | Modifications of section 432A of the Income and Corporation Taxes Act 1988 |
158. | Modifications of section 440 of the Income and Corporation Taxes Act 1988 |
159. | Modifications of section 444A of the Income and Corporation Taxes Act 1988 |
160. | Modifications of section 83 of the Finance Act 1989 |
161. | Modifications of section 211 of the Taxation of Chargeable Gains Act 1992 |
162. | Modifications of section 213 of the Taxation of Chargeable Gains Act 1992 |
163. | Modifications of paragraph 12 of Schedule 9 to the Finance Act 1996 |
164. | Modification of paragraph 18 of Schedule 12 to the Finance Act 1997 |
165. | Miscellaneous amendments |
166. | Modifications of section 468 of the Income and Corporation Taxes Act 1988 |
167. | Interpretation |
168. | Introduction |
169. | Interpretation |
170. | Transfers from matured tax-exempt special savings accounts |
171. | General investment rules |
172. | Qualifying investments for a stocks and shares component |
173. | Qualifying investments for a cash component |
174. | Qualifying investments for an insurance component |
175. | Account manager - qualifications and Board's approval |
176. | Account manager ceasing to qualify |
177. | Returns of information by account manager |
178. | Capital gains tax - adaptation of enactments |
179. | Tax credits on distributions to insurance companies |
180. | Interpretation |
181. | Anti-avoidance provision |
182. | Substitution of paragraph 1(5) of Schedule 19AB |
183. | Introduction |
184. | Interpretation |
185. | Definition of personal portfolio bond (applying to all policies or contracts whenever issued or made) |
186. | Interpretation |
187. | Interpretation |
188. | Annuity contracts |
189. | Interpretation |
190. | Introduction |
191. | Calculation of earnings for the purposes of earnings-related contributions in particular cases |
192. | Payments to be disregarded in the calculation of earnings for the purposes of earnings-related contributions |
193. | Provisions supplementing regulation 3 |
SCHEDULE | Repeals in consequence of the amendments made by Part 2 of this Order |
Interpretation
2.
In this Order -
(3) In subsections (2)(b), (c) and (d), (4) and (5) for "stock exchange" substitute "recognised investment exchange or recognised clearing house".
(4) After subsection (6) add -
to effect or carry out contracts of long-term insurance.".
(3) After subsection (3) add -
(4) This Article has effect in relation to the making, on an anniversary or other occasion on or after 1st December 2001, of any charge to tax under section 64 or 65 of the Inheritance Tax Act 1984.
(4) For the definition of "trustee" and "the operator" substitute -
(5) This Article has effect in relation to any instrument executed on or after 1st December 2001.
Stamp duty: interpretation of sections 81, 82 and 84
8.
- (1) Amend section 85(5) of the Finance Act 1986 (supplementary provisions) as follows.
(2) In paragraph (b) for "of the Financial Services Act 1986" substitute "given by section 285(1)(a) of the Financial Services and Markets Act 2000".
(3) In paragraph (c) for "of the Financial Services Act 1986" substitute "given by section 285(1)(b) of the Financial Services and Markets Act 2000".
(4) This Article has effect in relation to any instrument executed on or after 1st December 2001.
Stamp duty reserve tax: intermediaries
9.
- (1) Amend section 88B(2) (provisions supplementary to section 88A)[11] as follows.
(2) In the definition of "collective investment scheme" for "75 of the Financial Services Act 1986" substitute "235 of the Financial Services and Markets Act 2000".
(3) For the definition of "insurance business" substitute -
(4) For the definition of "trustee" and "the operator" substitute -
(5) This Article has effect in relation to -
Stamp duty reserve tax: interpretation
10.
- (1) In section 99(5B) (interpretation)[12] for the words from "In this subsection" to the end substitute "In this subsection "an authorised unit trust scheme", "collective investment scheme" and "an open-ended investment company" have the same meanings as in Part 17 of the Financial Services and Markets Act 2000.".
(2) This Article has effect in relation to -
Inheritance tax: power to amend definitions of "market maker"
11.
In sections 106(4)(a) and 107(4)(a) (power to amend sections 105(7) and 234(4) of the Inheritance Tax Act 1984) for "of the Financial Services Act 1986" substitute "given by section 285(1)(a) of the Financial Services and Markets Act 2000".
Power to modify section 21 of the Taxes Management Act 1970: definition of recognised investment exchange
12.
In paragraph 10(2) of Schedule 18 (definition of recognised investment exchange) for "of the Financial Services Act 1986" substitute "given by section 285(1)(a) of the Financial Services and Markets Act 2000".
(4) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
Insurance business: application of sections 43A to 43E of the Taxes Act
15.
- (1) In section 43F(1) (insurance business)[14] for "Part II of the Insurance Companies Act 1982[15]" substitute "Chapter 9 of the Prudential Sourcebook (Insurers)".
(2) This Article has effect in relation to periods of account ending on or after 1st December 2001.
Tax treatment of levies and repayments
16.
- (1) Omit section 76(7) and (7A) (expenses of management: insurance companies)[16].
(2) Amend section 76A (levies and repayments under the Financial Services and Markets Act 2000)[17] in accordance with paragraphs (3) to (5) below.
(3) For subsection (2) substitute -
(4) For subsection (3) substitute -
(5) After subsection (4) add -
(6) Amend section 76B (levies and repayments under the Financial Services and Markets Act 2000: investment companies) in accordance with paragraphs (7) and (8) below.
(7) In subsection (3) for "76(7A)" substitute "76A(2)".
(8) For subsection (4) substitute -
PAYE: readily convertible assets
17.
- (1) Amend section 203F (PAYE: readily convertible assets)[18] as follows.
(2) In subsection (2)(a) for "of the Financial Services Act 1986" substitute "given by section 285(1)(a) of the Financial Services and Markets Act 2000".
(3) In subsection (5) for the words from "right" to the end substitute "investment of a kind specified in Part III of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.".
Relief on life assurance premiums
18.
- (1) Amend section 266 (relief on life assurance premiums)[19] as follows.
(2) In subsection (2)(a) for sub-paragraphs (i) to (iii) substitute -
(3) After subsection (13) add -
Interest under contractual savings schemes
19.
- (1) Amend section 326 (interest etc. under contractual savings schemes)[21] as follows.
(2) In subsections (1)(c), (2), (4) and (6)(a) for "an institution authorised under the Banking Act 1987" substitute "a person falling within section 840A(1)(b)[22]".
(3) In subsections (7)(a) and (8)(a) after "society" insert ", person".
Tax-exempt special savings accounts
20.
- (1) Amend section 326A (tax-exempt special savings accounts)[23] in accordance with paragraphs (2) to (5) below.
(2) In subsection (4) for the words "an institution authorised under the Banking Act 1987" substitute "a person falling within section 840A(1)(b)".
(3) In subsection (5) after "society" insert ", person".
(4) In subsection (9) after "society" insert ", person".
(5) For subsection (10) substitute -
(6) In section 326B(3) (loss of exemption for special savings accounts) after "society" insert ", person".
(7) In section 326C(1) (power of Board to make supplementary regulations in relation to tax-exempt special savings accounts)[24] -
Personal equity plans: tax representatives
21.
- (1) Amend section 333A (personal equity plans: tax representatives)[25] as follows.
(2) In subsection (11) for paragraph (a) substitute -
(3) In subsection (12) for the words from "a person" to the end substitute " a firm which is an authorised person for the purposes of the Financial Services and Markets Act 2000 as a result of qualifying for authorisation under paragraph 2 of Schedule 4 to that Act.".
Involvement of insurance companies with plans and accounts
22.
In section 333B(9) (involvement of insurance companies with plans and accounts)[26] for the definition of "insurance company" substitute -
Mortgage interest relief: qualifying lenders
23.
- (1) Amend section 376 (qualifying borrowers and qualifying lenders)[27] as follows.
(2) In subsection (4) -
(b) omit paragraph (g);
(c) for paragraph (p) substitute -
(3) Omit subsection (4A).
Mortgage interest relief: register of qualifying lenders
24.
In section 376A (the register of qualifying lenders)[28] after subsection (1) insert -
(b) a 90 per cent subsidiary of a person mentioned in -
(c) any other body whose activities and objects appear to the Board to qualify it for registration.".
Mortgage interest relief: interpretation
25.
In section 379 (interpretation of sections 369 to 378) before the definition of "prescribed" insert -
Interpretative provisions relating to insurance companies
26.
- (1) Amend section 431(2) (interpretative provisions relating to insurance companies)[29] as follows.
(2) After the definition of "closing liabilities" insert -
(3) For the definition of "insurance company" substitute -
(4) In the definition of "liabilities" for the words from "liabilities of" to the end substitute "long-term liabilities of the company determined for the purposes of the company's periodical return on actuarial principles in accordance with section 5.6 of the Prudential Sourcebook (Insurers) (excluding any that have been reinsured);".
(5) For the definition of "long term business" substitute -
(6) After the definition of "long term business fund" insert -
(7) In the definition of "periodical return" for "Treasury under Part II of the Insurance Companies Act 1982" substitute "Financial Services Authority under section 9.6 of the Prudential Sourcebook (Insurers)".
(8) After the definition of "periodical return" insert -
(9) The amendments made by paragraphs (3), (6) and (7) above have effect in relation to periods of account ending on or after 1st December 2001.
Power to amend the Tax Acts so far as relating to insurance companies
27.
In section 431A (power of Treasury to amend provisions of the Tax Acts relating to insurance companies)[31] for the "Insurance Companies Act 1982" substitute "Financial Services and Markets Act 2000, in so far as that Act relates to insurance companies,".
Transfer of assets etc.
28.
- (1) In section 440(2) (transfer of assets of insurance company)[32] for paragraph (a) substitute -
(2) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
Effect of transfer of insurance business
29.
- (1) In section 444A (effect of transfer of long-term insurance business)[33] for subsection (1) substitute -
(2) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
Equalisation reserves
30.
- (1) Except as provided in paragraph (4) below, in sections 444BA to 444BD (equalisation reserves)[34] for "section 34A regulations" in each place where it occurs substitute "equalisation reserve rules".
(2) Amend section 444BA in accordance with paragraphs (3) and (4) below.
(3) In subsection (10) for "the regulations" substitute "the rules".
(4) For subsection (11) substitute -
(5) In section 444BC(1) for "17 of the Insurance Companies Act 1982" substitute "9.3 of the Prudential Sourcebook (Insurers)".
(6) Amend section 444BD in accordance with paragraphs (7) and (8) below.
(7) In subsection (2)(a) for sub-paragraphs (i) and (ii) substitute -
(8) In subsection (7) -
(b) omit the definition of "EC company" and the word "and" immediately before it.
(9) This Article has effect in relation to periods of account ending on or after 1st December 2001.
Capital redemption business
31.
In section 458(3) (capital redemption business)[35] for paragraphs (a) and (b) substitute -
Friendly societies: exemption from tax in respect of life or endowment business
32.
- (1) Amend section 460 (friendly societies: exemption from tax in respect of life or endowment business)[36] as follows.
(2) In subsection (10A) for the words from the beginning to "1982" substitute "Where at any time an insurance business transfer scheme has effect to transfer to a friendly society long-term business,".
(3) After subsection (10A) insert -
(4) In subsection (11) -
(5) The amendments made by paragraphs (2) and (3) above have effect in relation to any scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
Taxation in respect of other business
33.
- (1) Amend section 461 (taxation in respect of other business)[38] as follows.
(2) In subsection (2) -
(3) In subsection (4)(a) -
(4) In subsection (6) -
(5) For subsections (7) to (9) substitute -
(9) If a registered friendly society in respect of which a direction is in force under subsection (7) above becomes an incorporated friendly society, the direction shall continue to have effect, so that the incorporated friendly society shall be treated for the purposes of this Act as a society registered after 31st May 1973.".
(6) After subsection (10) add -
Taxation in respect of other business: incorporated friendly societies qualifying for exemption
34.
- (1) Amend section 461A (taxation in respect of other business: incorporated friendly societies qualifying for exemption)[39] as follows.
(2) In subsection (2) for "Friendly Societies Commission" substitute "Board".
(3) After subsection (3) add -
Taxation in respect of other business: incorporated friendly societies etc.
35.
In section 461B(4)(b) (taxation in respect of other business: incorporated friendly societies etc.) for "(8)" substitute "(7)".
Taxation in respect of other business: withdrawal of "qualifying" status from incorporated friendly society
36.
- (1) Amend section 461C (taxation in respect of other business: withdrawal of "qualifying" status from incorporated friendly society) as follows.
(2) In subsection (1) -
(3) In subsection (2) -
(4) In subsection (3) -
(5) For subsections (4) to (7) substitute -
Interpretation of Chapter 2 of Part 12
37.
In section 466(1) (interpretation of Chapter 2)[40] -
Authorised unit trusts: interest distributions
38.
- (1) Amend section 468L (interest distributions)[41] as follows.
(2) In subsection (12C) -
(3) In subsection (12F) -
Interest payments: meaning of deposit-taker
39.
- (1) Amend section 481 (meaning of deposit-taker etc.) as follows.
(2) In subsection (2) for paragraph (b) substitute -
(3) Omit subsection (5)(g).
Gifts of shares and securities to charities etc.
40.
In section 587B(9) (gifts of shares and securities to charities etc.)[44] in the definition of "offshore fund" for "of the Financial Services Act 1986" substitute "given by section 235 of the Financial Services and Markets Act 2000".
Establishment of schemes
41.
- (1) Amend section 632 (establishment of schemes)[45] as follows.
(2) In subsection (1)(a) for the words from "is authorised" to the end substitute "has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance or to manage unit trust schemes authorised under section 243 of that Act;".
(3) In subsection (1) for paragraph (aa) substitute -
(ab) a firm which has permission under paragraph 4 of Schedule 4 to the Financial Services and Markets Act 2000 (as a result of qualifying for authorisation under paragraph 2 of that Schedule) to manage unit trust schemes authorised under section 243 of that Act;
(ac) a person who qualifies for authorisation under Schedule 5 to the Financial Services and Markets Act 2000;".
(4) Omit subsection (1)(bb).
(5) In subsection (1) for paragraph (c) substitute -
(6) In subsection (1)(cc) -
(7) Omit subsection (1)(d).
(8) In subsection (1)(e) for sub-paragraphs (i) and (ii) substitute -
(9) For subsection (2) and (2ZA) substitute -
(10) Omit subsection (2B).
Pension schemes etc.: meaning of insurance company
42.
- (1) Amend section 659B (definition of insurance company) as follows.
(2) For subsection (1) substitute -
(1A) In subsection (1) above "contracts of long-term insurance" means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.".
(3) Omit subsections (3), (4) and (10).
Power to modify section 735 to take account of recognised investment exchanges
43.
In section 738(5) (power to modify section 735 to take account of recognised investment exchanges) for "means a recognised investment exchange within the meaning of the Financial Services Act 1986" substitute "has the meaning given by section 285(1)(a) of the Financial Services and Markets Act 2000".
Amendment of return where general insurance business of foreign company accounted for on a non-annual basis
44.
In section 755B (meaning of general insurance business)[48] for subsection (6) substitute -
Material interests in offshore funds
45.
In section 759(1A) (meaning of collective investment scheme)[49] for "same meaning as in the Financial Services Act 1986" substitute "meaning given by section 235 of the Financial Services and Markets Act 2000".
Interpretation: meaning of "bank"
46.
- (1) Amend section 840A (meaning of bank) as follows.
(2) In subsection (1) for paragraphs (b) and (c) substitute -
(c) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits;".
(3) Omit subsection (2).
Qualifying policies
47.
- (1) Amend Schedule 15 (qualifying policies)[53] as follows.
(2) In paragraph 4(3)(b)(i) for "business within class VI of Head A or class I of Head B of Schedule 2 to the Friendly Societies Act 1992" substitute "the business of effecting or carrying out contracts of insurance which fall within paragraph 1 of Part I or paragraph VI of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001".
(3) In paragraph 11(1) for the words from "a contract falling" to the end substitute
(4) In paragraph 14(3) for the words from "effected" to "1982" substitute "evidencing a contract of long-term insurance".
(5) In paragraph 14 after sub-paragraph (3) insert -
Contractual savings schemes: relevant European institutions
48.
In paragraph 3 of Schedule 15A (contractual savings schemes: relevant European institutions)[54] for the words from "an institution which" to the end substitute "an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits.".
Overseas life insurance companies
49.
- (1) Amend Schedule 19AC (modifications of Act in application to overseas life insurance companies)[55] as follows.
(2) In sub-paragraph (1) of paragraph 4 in section 11B(5) treated as inserted by that sub-paragraph -
(3) In paragraph 4A -
(4) In paragraphs 10AA and 11C for the words from "a transfer" to "1982" substitute "an insurance business transfer scheme".
(5) The amendments made by paragraph (2) above have effect for the purposes of determining whether an asset is a qualifying asset at any time on or after 1st December 2001.
Charities: qualifying investments
50.
In paragraph 6 of Schedule 20 (qualifying investments) for "of the Financial Services Act 1986" substitute "given by section 237(1) of the Financial Services and Markets Act 2000".
Apportionment in relation to foreign controlled company: exempt activities
51.
- (1) Amend paragraph 11 of Schedule 25 (apportionment in relation to foreign controlled company: cases where section 747(3) does not apply) as follows.
(2) In sub-paragraph (1) for paragraph (g) substitute -
(3) After sub-paragraph (1) add -
Miscellaneous amendments
52.
- (1) In the following provisions for "long term business fund" substitute "long-term insurance fund" -
(l) the following paragraphs of Schedule 19AC[66] -
(2) In the following provisions for "long term" substitute "long-term" -
(n) paragraph 5(5)(a) and (b) of Schedule 19AB[75];
(o) the following paragraphs of Schedule 19AC -
Meaning of "financial trading stock" in relation to a building society
53.
In paragraph 2(3) of Schedule 12 to the Finance Act 1988 (meaning of "financial trading stock" in relation to a building society)[76] for the words from "such of the assets" to the end substitute
Introduction
54.
Amend the Finance Act 1989 in accordance with Articles 55 to 60.
Calculation of profits
55.
- (1) Amend section 82 (calculation of profits) as follows.
(2) In subsection (1)(b) for "its return for the purposes of the Insurance Companies Act 1982" substitute "the return deposited with the Financial Services Authority under section 9.6 of the Prudential Sourcebook (Insurers)".
(3) After subsection (1) insert -
(4) This Article has effect in relation to periods of account ending on or after 1st December 2001.
Computation of profits of life assurance companies
56.
- (1) Amend section 83 (receipts to be brought into account in relation to profits of life assurance business computed under Schedule D, Case I)[78] as follows.
(2) In subsection (6) for paragraph (a) substitute -
(3) After subsection (6) insert -
(4) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
Meaning of "brought into account"
57.
- (1) In section 83A(2) (meaning of "brought into account")[79] -
(2) This Article has effect in relation to periods of account ending on or after 1st December 2001.
Policy holders' share of profits
58.
- (1) Amend section 89 (policy holders' share of profits)[80] as follows.
(2) In subsection (6) for "the Insurance Companies Act 1982" substitute "Chapter 9 of the Prudential Sourcebook (Insurers)".
(3) For subsection (7) substitute -
(4) This Article has effect in relation to periods of account ending on or after 1st December 2001.
Modification of section 83A in relation to overseas life insurance companies
59.
- (1) Amend paragraph 1B of Schedule 8A (modification of section 83A in relation to overseas life insurance companies)[81] as follows.
(2) For "the Insurance Companies Act 1982" substitute "Chapter 9 of the Prudential Sourcebook (Insurers)".
(3) Renumber the existing provision (as amended by paragraph (2)) as sub-paragraph (1) and after that sub-paragraph insert -
(4) This Article has effect in relation to periods of account ending on or after 1st December 2001.
Miscellaneous amendments
60.
- (1) In the following places for "long term business" substitute "long-term insurance" -
(2) In the following provisions for "long term" substitute "long-term" -
(3) In section 89(5)(a) for "business" substitute "insurance".
(2) This Article has effect in relation to shares in a building society issued on or after 1st December 2001.
Commodity and financial futures etc.
64.
- (1) Amend section 143 (commodity and financial futures etc.)[85] as follows.
(2) In subsections (3)(a) and (b) and (7)(b) omit "or listed institution".
(3) For subsection (8) substitute -
Options and forfeited deposits
65.
In section 144(8)(c) (options and forfeited deposits) -
Transfer of insurance business
66.
- (1) In section 211 (transfer of long-term business)[86] for subsection (1) substitute -
(2) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
Spreading of gains and losses accruing as a result of deemed disposal under section 212
67.
- (1) In section 213(5) (spreading of gains and losses accruing as a result of deemed disposal under section 212)[87] for the words from "there" to "1982" substitute "an insurance business transfer scheme has effect to transfer business which consists of the effecting or carrying out of contracts of long-term insurance from one person ("the transferor") to another ("the transferee")".
(2) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
Gains not eligible for taper relief
68.
- (1) In section 214C(3) (gains not eligible for taper relief)[88] for the definition of "insurance company" substitute -
(2) This Article has effect for the purposes of determining whether, at any time on or after 1st December 2001, a company is a mutual company within the meaning of section 214C(3) of the Taxation of Chargeable Gains Act 1992.
Application of Act to recognised investment exchanges
69.
In section 285 (power to provide for provisions referring to The Stock Exchange to have effect in relation to recognised investment exchanges) for "of the Financial Services Act 1986" substitute "given by section 285(1)(a) of the Financial Services and Markets Act 2000".
Interpretation
70.
In section 288(1) (interpretation) in the definition of "collective investment scheme" for "same meaning as in the Financial Services Act 1986" substitute "meaning given by section 235 of the Financial Services and Markets Act 2000".
Application of taper relief: special rules for assets acquired in the reconstruction of mutual businesses etc.
71.
- (1) In paragraph 18(3) of Schedule A1 (application of taper relief: special rules for assets acquired in the reconstruction of mutual businesses etc.)[89] for the definition of "insurance company" substitute -
(2) This Article has effect for the purposes of determining whether, at any time on or after 1st December 2001, a company is a mutual company within the meaning of paragraph 18 of Schedule A1 to the Taxation of Chargeable Gains Act 1992.
Overseas life insurance companies
72.
- (1) In paragraphs 9A and 11(1A) of Schedule 7B (modification of Act in relation to overseas life insurance companies)[90] for the words from "a transfer" to "1982" substitute "an insurance business transfer scheme".
(2) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
Miscellaneous amendments
73.
- (1) In the following provisions for "long term business" substitute "long-term insurance" -
(2) In the following provisions for "long term" substitute "long-term" -
Special provisions in relation to banks etc. in compulsory liquidation
74.
- (1) In paragraph 1(1) of Schedule 12 to the Finance (No. 2) Act 1992 (banks etc. in compulsory liquidation: application) -
(b) in paragraph (c) for "deposit-taking business" substitute "business of accepting deposits".
(2) This Article has effect in relation to -
Introduction
75.
Amend the Finance Act 1993 in accordance with Articles 76 to 82.
Deferral of unrealised gains
76.
- (1) Amend section 143 (deferral of gains: supplementary) as follows.
(2) In subsection (5)(a) for "long term" substitute "long-term".
(3) In subsection (6) for the definition of "long term insurance business" substitute -
Early termination of currency contract
77.
In section 146(16)(a) (early termination of currency contract) for "long term" substitute "long-term".
Insurance companies
78.
In section 168(7) (insurance companies)[91] for the words from "any insurance" to the end substitute "the business of effecting or carrying out contracts of insurance and, for the purposes of this subsection, "contract of insurance" has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.".
Interpretation
79.
In section 184(1) (interpretation) for the definition of "premiums trust fund" substitute -
Exchange gains and losses: alternative calculations
80.
- (1) Amend paragraph 2 of Schedule 15 (power to make provision about alternative calculations in relation to exchange gains and losses where asset held in exempt circumstances) as follows.
(2) In sub-paragraph (4)(a) for "long term" substitute "long-term".
(3) In sub-paragraph (5) for the definition of "long term insurance business" substitute -
Exchange gains and losses: chargeable gains
81.
- (1) Amend Schedule 17 (exchange gains and losses: chargeable gains) as follows.
(2) In paragraph 3 -
(3) In paragraph 7(4) -
Miscellaneous amendments
82.
In the following places for "premiums" substitute "premium" -
Introduction
83.
Amend the Finance Act 1994 in accordance with Articles 84 to 87.
Interest rate and currency contracts
84.
- (1) Amend section 177(1) (interpretation of Chapter 2 of Part 4: interest rate and currency contracts)[98] as follows.
(2) In the definition of "bank" for paragraphs (b) and (c) substitute -
(3) Omit the definitions of "deposit" and "European authorised institution".
(4) For the definition of "financial trader" substitute -
(b) any person not falling within paragraph (a) above who is approved by the Board for the purposes of this paragraph;".
(5) In the definition of "insurance company" for the words from "carries" to the end substitute "effects or carries out contracts of insurance and, for the purposes of this definition, "contract of insurance" has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;".
(6) Omit the definition of "investment business".
Interpretation
85.
In section 230 (interpretation) for the definition of "premiums trust fund" substitute -
Provisions relating to the Railways Act 1993
86.
- (1) In paragraph 19(7) of Schedule 24 (provisions relating to the Railways Act 1993[99]: leased assets) in the definition of "securities" for "142 of the Financial Services Act 1986" substitute "74(5) of the Financial Services and Markets Act 2000".
(2) This Article has effect in relation to disposals of securities made on or after 1st December 2001.
Miscellaneous amendments
87.
In the following places for "premiums" substitute "premium" -
Introduction
88.
Amend the Finance Act 1995 in accordance with Articles 89 to 91.
Persons not treated as UK representatives
89.
In section 127(17) (persons not treated as UK representatives: interpretation) for the definitions of "collective investment scheme" and "participant" substitute -
Open-ended investment companies
90.
In section 152(6) (power of the Treasury to make regulations in relation to tax treatment of open-ended investment companies) for the definition of "open-ended investment company" substitute -
Contractual savings schemes
91.
- (1) Amend Schedule 12 (contractual savings schemes) as follows.
(2) In paragraph 7(2)(a) for "an institution authorised under the Banking Act 1987" substitute "a person falling within section 840A(1)(b) of the Taxes Act 1988".
(3) In paragraph 8(4) for paragraph (b) substitute -
(3) For the definition of "investment advice" substitute -
Loan relationships: continuity of treatment
94.
- (1) Amend paragraph 12 of Schedule 9 (loan relationships: continuity of treatment) as follows.
(2) In sub-paragraph (1) for paragraph (c) substitute -
(3) For paragraph (9) substitute -
(4) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
Loan relationships: collective investment schemes
95.
- (1) Amend paragraph 8 of Schedule 10 (loan relationships: non-qualifying investment test for collective investment schemes)[102] as follows.
(2) In sub-paragraph (7A) -
(3) In sub-paragraph (7D) -
Miscellaneous amendments
96.
- (1) In the following provisions for "long term" substitute "long-term" -
(c) paragraph 1(3) of Schedule 15.
(2) In paragraph 3A(1)(a) of Schedule 11 for "long term business" substitute "long-term insurance".
(3) In subsection (6) for the words from "of a" to the end substitute "which falls within Part I or II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 other than a contract which falls within paragraph I or III of Part II of that Schedule.".
Stamp duty: mergers of authorised unit trusts
99.
- (1) In section 95(4) (mergers of authorised unit trusts) in the definition of "authorised unit trust" for "78 of the Financial Services Act 1986" substitute "243 of the Financial Services and Markets Act 2000".
(2) This Article has effect in relation to any instrument executed on or after 1st December 2001.
Stamp duty: demutualisation of insurance companies
100.
- (1) Amend section 96 (demutualisation of insurance companies) as follows.
(2) In subsection (7) for paragraphs (a) and (b) substitute -
(3) In subsection (8) -
(4) This Article has effect in relation to any instrument executed on or after 1st December 2001 which effects a transfer -
Stamp duty reserve tax: mergers of authorised unit trusts
101.
- (1) In section 100(4) (mergers of authorised unit trusts) in the definition of "authorised unit trust" for "78 of the Financial Services Act 1986" substitute "243 of the Financial Services and Markets Act 2000".
(2) This Article has effect in relation to -
Leasing arrangements - finance leases and loans
102.
- (1) Amend Schedule 12 (leasing arrangements - finance leases and loans) as follows.
(2) In paragraph 18 -
(3) In paragraph 19 -
(4) The amendments made by paragraph (2) above have effect in relation to periods of account ending on or after 1st December 2001.
(4) In paragraph 87 -
(5) The amendments made by paragraphs (3)(b) and (c) and (4) above have effect in relation to periods of account ending on or after 1st December 2001.
Introduction
105.
Amend the Finance Act 2000 in accordance with Articles 106 and 107.
General insurance reserves
106.
- (1) Amend section 107(7) (general insurance reserves) as follows.
(2) For the definition of "general business" substitute -
(3) In the definition of "general insurer" for paragraphs (a) and (b) substitute -
Employee share ownership plans
107. In paragraph 39(3) of Schedule 8 (partnership share money held for employees) -
(4) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded Scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
(7) In the definition of "qualified dealer" for paragraphs (a) and (b) substitute -
(8) Omit the definition of "recognised professional body" and "recognised self-regulating organisation".
Notice of charge and payment
114.
In regulation 4A(1)(a)(ii) (notice of charge and payment)[109] for "a recognised self-regulating organisation, a recognised professional body" substitute "the Financial Services Authority".
The Taxes Management Act 1970: provisions to apply
115.
- (1) Amend the Schedule (the Taxes Management Act 1970: provisions to apply)[110] as follows.
(2) In the Table in Part I in the entry relating to section 25(4)[111] in the second column for the words from "paragraphs" to "1995" substitute "paragraph 36(2) of Part III of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001".
(3) In Part II in section 25(4) (as modified) for the words from "paragraphs" to "1995" substitute "paragraph 36(2) of Part III of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001".
(3) For the definition of "investment advice" substitute -
Introduction
120.
Amend the Personal Equity Plan Regulations 1989 in accordance with Articles 121 to 125.
Interpretation
121.
- (1) Amend regulation 2(1) (interpretation)[113] as follows.
(2) Amend sub-paragraph (a) in accordance with paragraphs (3) and (4) below.
(3) In the definition of "company" in paragraph (i) for "75(8) of the Financial Services Act 1986" substitute "236 of the Financial Services and Markets Act 2000".
(4) For the definition of "European institution" substitute -
(5) Amend sub-paragraph (b) in accordance with paragraphs (6) to (14) below.
(6) Before the definition of "authorised unit trust" insert -
(7) In the definition of "authorised unit trust" for "78 of the Financial Services Act 1986" substitute "243 of the Financial Services and Markets Act 2000".
(8) In the definition of "the first condition" for the words from "subject to" to the end substitute "of the scheme, or subject to the trusts of the scheme, to consist of units in, or shares of, authorised funds or parts of umbrella schemes which are not securities schemes or warrant schemes;".
(9) In the definition of "the second condition" -
(10) In the definition of "fund of funds" -
(c) in paragraph (ii) for "authorised unit trust" substitute "authorised fund".
(11) In the definition of a "relevant UCITS" -
(12) For the definition of "securities fund" substitute -
(13) For the definition of "umbrella scheme" substitute -
(14) For the definitions of "warrant company" and "warrant fund" substitute -
(15) In sub-paragraph (c) -
General investment rules
122.
- (1) Amend regulation 5 (general investment rules)[115] as follows.
(2) In paragraph (1) for sub-paragraphs (a) and (b) substitute -
(3) After paragraph (1) insert -
Qualifying investments
123.
- (1) Amend regulation 6 (qualifying investments)[117] as follows.
(2) In paragraph (2) -
(3) In paragraph (4)(a) for paragraphs (iv) and (v) substitute -
(4) In paragraph (8) for "company" substitute "scheme" (twice).
(5) For paragraph (9) substitute -
where the securities scheme, warrant scheme or UCITS does not satisfy the condition in paragraph (8).".
Plan manager - qualifications and Board's approval
124.
Amend regulation 11(2) (plan manager - qualifications and Board's approval)[118] as follows -
Returns of information by plan manager
125.
In regulation 24A(3) (returns of information by plan manager)[119] -
(b) in sub-paragraph (a) for paragraph (vi) substitute -
Mis-sold pension contracts - further disapplication of paragraphs 5(4) and 6(5) of Schedule 6 to the Finance Act 1989
126.
- (1) Amend regulation 6(5) of the Retirement Benefits Schemes (Tax Relief on Contributions) (Disapplication of Earnings Cap) Regulations 1990 (mis-sold pension contracts - further disapplication of paragraphs 5(4) and 6(5) of the Schedule)[120] as follows.
(2) In the definition of "bad investment advice" for paragraph (d) substitute -
(3) For the definition of "investment advice" substitute -
Interpretation
127.
- (1) Amend regulation 2(1) of the Retirement Benefits Schemes (Continuation of Rights of Members of Approved Schemes) Regulations 1990 (interpretation)[121] as follows.
(2) In the definition of "bad investment advice" for paragraph (d) substitute -
(3) For the definition of "investment advice" substitute -
Gross payments
128.
In regulation 4(l)(r) of the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 (gross payments)[122] for "75(8) of the Financial Services Act 1986" substitute "237(1) of the Financial Services and Markets Act 2000".
Notification by society or institution of intention to operate accounts
131.
In regulation 5(3) (notification by society or institution of intention to operate accounts)[124] for "is authorised under the Banking Act 1987" substitute "falls within section 840A(1)(b) of the Taxes Act".
Society or institution ceasing to be entitled to operate accounts
132.
In regulation 11(a) (society or institution ceasing to be entitled to operate accounts) [125] for "be authorised under the Banking Act 1987" substitute "fall within section 840A(1)(b) of the Taxes Act".
Miscellaneous amendments
133.
- (1) In the following regulations after "societies" insert ", persons" -
(2) In the following places after "society" insert ", person" -
A, B and C factors: introductory
134.
In Schedule 1 to the Debts of Overseas Governments (Determination of Relevant Percentage) Regulations 1990 in paragraph 1(1) (A, B and C factors: introductory) in the definition of "regional development bank" for the words from "for the time" to "1987" substitute "listed in Part I of the Financial Services and Markets Act 2000 (Exemption) Order 2001".
Reporting of chargeable events
141.
In regulation 13(2)(b) of the Retirement Benefits Schemes (Information Powers) Regulations 1995 (reporting of chargeable events) for "section 96D of the Insurance Companies Act 1982" substitute "sections 417(1) and 423 of the Financial Services and Markets Act 2000 respectively".
Interpretation
143.
In regulation 2 of the Capital Gains Tax (Pension Funds Pooling Schemes) Regulations 1996 (interpretation) in the definition of "unit trust scheme" for "75(8) of the Financial Services Act 1986" substitute "237(1) of the Financial Services and Markets Act 2000".
(3) For the definition of "EC Company" substitute -
(4) After the definition of "equivalent reserve" insert -
(5) Omit the definition of "the Management Act".
(6) After the definition of "paragraph 52 method of accounting on a non-annual basis" insert -
(7) In the definition of "return period" for "17 of the 1982 Act" substitute "9.3 of the Prudential Sourcebook (Insurers)".
(8) Omit the definition of "section 34A regulations".
(9) After the definition of "the Taxes Act" insert -
(10) Omit the definition of "the 1982 Act".
(11) The amendments made by paragraphs (2), (4) to (8) and (10) above have effect in relation to periods of account ending on or after 1st December 2001.
Non-annual accounts: tax returns prepared on an annual basis
148.
- (1) Amend regulation 5 (non-annual accounts: tax returns prepared on an annual basis) as follows.
(2) In paragraph (1) -
(3) In paragraph (4) -
(4) This Article has effect in relation to periods of account ending on or after 1st December 2001.
EEA firms and Treaty firms
149.
- (1) For the heading to regulation 7 (EC companies) substitute "EEA firms and Treaty firms" and amend that regulation as follows.
(2) In paragraph (1)(a) for "EC Company" substitute "EEA firm or a Treaty firm".
(3) In paragraph (2) for "return under section 11 of the Management Act" substitute "company tax return".
(4) The amendment made by paragraph (3) has effect in relation to periods of account ending on or after 1st December 2001.
Certain business carried on outside the United Kingdom
150.
- (1) Amend regulation 8 (certain business carried on outside the United Kingdom)[142] as follows.
(2) In paragraph (1)(a) omit "(within the meaning of the 1982 Act)".
(3) After paragraph (5) add -
Miscellaneous amendments
151.
- (1) For "section 34A regulations" substitute "equalisation reserves rules" in the following places -
(2) This Article has effect in relation to periods of account ending on or after 1st December 2001.
(3) In the definition of "linked business" for "within Class III of Head A of Schedule 2 to the Friendly Societies Act 1992" substitute "of effecting or carrying out contracts of insurance which fall within paragraph III of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001".
(4) In the definition of "section 37(3) society" for paragraph (b) substitute -
(5) After the definition of "section 37(3) society" insert -
Modifications of section 12 of the Income and Corporation Taxes Act 1988
154.
- (1) In the heading to regulation 4 (modification of section 12(7A) of the Taxes Act) -
(2) Amend regulation 4 in accordance with paragraphs (3) and (4) below.
(3) In paragraph (1) for "Paragraph (2) prescribes a modification of section 12(7A)" substitute "Paragraphs (2) and (3) prescribe modifications of section 12".
(4) For paragraph (2) substitute -
Modification of section 76(7) of the Income and Corporation Taxes Act 1988
155.
Omit regulation 5(6) (modification of section 76(7) of the Income and Corporation Taxes Act 1988).
Modifications of section 431 of the Income and Corporation Taxes Act 1988
156.
- (1) Amend regulation 6 (modifications of section 431 of the Taxes Act) as follows.
(2) In paragraph (2) in the inserted definition of "valuation report" -
(3) In paragraph (2) after the inserted definition of "non-directive society" insert -
(4) In paragraph (3) in the substituted definition of "liabilities" in paragraph (b)(ii) for "section 47(2) of the Friendly Societies Act 1992" substitute "rule 5.2(2) of the Prudential Sourcebook (Friendly Societies)".
(5) In paragraph (5) in the substituted definition of "periodical return" -
(6) In paragraph (6) in the substituted definition of "value" in paragraph (b)(ii) for "section 47(2) of the Friendly Societies Act 1992" substitute "rule 5.2(2) of the Prudential Sourcebook (Friendly Societies)".
(7) This Article has effect in relation to periods of account ending on or after 1st December 2001.
Modifications of section 432A of the Income and Corporation Taxes Act 1988
157.
- (1) Amend regulation 9 (modifications of section 432A of the Taxes Act) as follows.
(2) In paragraph (2) in the inserted subsection (1B) in paragraph (a) for "section 46(5) of the Friendly Societies Act 1992" substitute "rule 5.1(3) of the Prudential Sourcebook (Friendly Societies)".
(3) In paragraph (3) in the inserted subsection (1E) -
(4) This Article has effect in relation to periods of account ending on or after 1st December 2001.
Modifications of section 440 of the Income and Corporation Taxes Act 1988
158.
- (1) In regulation 22(1)(b) (modifications of section 440 of the Taxes Act) for the words from "conditions" to "1992" substitute "relevant section 43 requirements".
(2) In regulation 23 (modifications of section 440 of the Taxes Act) for paragraph (2) substitute -
Modifications of section 444A of the Income and Corporation Taxes Act 1988
159.
In regulation 30 (modification of section 444A(1) of the Taxes Act) for paragraph (2) substitute -
Modifications of section 83 of the Finance Act 1989
160.
- (1) Amend regulation 35 (modifications of section 83 of the Finance Act 1989) as follows.
(2) In paragraph (1) for "Paragraph (2) prescribes a modification of section 83(6)" substitute "Paragraphs (2) and (3) prescribe modifications of section 83".
(3) For paragraph (2) substitute -
Modifications of section 211 of the Taxation of Chargeable Gains Act 1992
161.
- (1) In the heading to regulation 44 (modification of section 211(1) of the 1992 Act) -
(2) Amend regulation 44 in accordance with paragraphs (3) and (4) below.
(3) In paragraph (1) for "Paragraph (2) prescribes a modification of section 211(1)" substitute "Paragraphs (2) and (3) prescribe modifications of section 211".
(4) For paragraph (2) substitute -
Modifications of section 213 of the Taxation of Chargeable Gains Act 1992
162.
In regulation 47 (modifications of section 213 of the 1992 Act) for paragraph (2) substitute -
Modifications of paragraph 12 of Schedule 9 to the Finance Act 1996
163.
- (1) Amend regulation 52 (modifications of paragraph 12 of Schedule 9 to the Finance Act 1996) as follows.
(2) In paragraph (1) for "Paragraphs (2) and (3)" substitute "Paragraphs (2) to (4)".
(3) For paragraph (2) substitute -
(4) After paragraph (3) add -
Modification of paragraph 18 of Schedule 12 to the Finance Act 1997
164.
- (1) In regulation 53A (modification of paragraph 18 of Schedule 12 to the Finance Act 1997)[144] for paragraph (2) substitute -
(2) This Article has effect in relation to periods of account ending on or after 1st December 2001.
Miscellaneous amendments
165.
- (1) In the following regulations for "long term business fund" substitute "long-term insurance fund" -
(2) In the following places for "long term" substitute "long-term" -
Modifications of section 468 of the Income and Corporation Taxes Act 1988
166.
- (1) Amend regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997 (modifications of section 468) as follows.
(2) In the added subsection (10) -
(3) In the added subsection (18) -
(b) in paragraph (c) for "75(3)(a)" substitute "235(a)".
Interpretation
167.
In regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997 (interpretation) in the definition of "authorised unit trust" for "78 of the Financial Services Act 1986" substitute "243 of the Financial Services and Markets Act 2000".
(6) Omit the definition of "long term business".
(7) Amend sub-paragraph (b) in accordance with paragraphs (8) to (17) below.
(8) Before the definition of "authorised unit trust" insert -
(9) In the definition of "authorised unit trust" for "78 of the Financial Services Act 1986" substitute "243 of the Financial Services and Markets Act 2000".
(10) In the definition of "the first condition" for the words from "subject to" to the end substitute "of the scheme, or subject to the trusts of the scheme, to consist of units in, or shares of, authorised funds or parts of umbrella schemes which are not securities schemes or warrant schemes".
(11) In the definition of "the second condition" -
(12) In the definition of "fund of funds" -
(c) in paragraph (ii) for "authorised unit trust" substitute "authorised fund".
(13) In the definition of "money market fund" -
(c) in paragraph (ii) for "authorised unit trust" substitute "authorised fund".
(14) In the definition of a "relevant UCITS" -
(15) For the definitions of "securities company" and "securities fund" substitute -
(16) For the definition of "umbrella company" and "umbrella scheme" substitute -
(17) For the definitions of "warrant company" and "warrant fund" substitute -
Transfers from matured tax-exempt special savings accounts
170.
In regulation 5(3)(a) and (b) (twice), (4)(b)(i) and (ii) and (5) (transfers from matured tax-exempt special savings accounts) after "society" insert ", person".
General investment rules
171.
- (1) Amend regulation 6 (general investment rules) as follows.
(2) In paragraph (1) for sub-paragraphs (a) and (b) substitute -
(3) After paragraph (1) insert -
Qualifying investments for a stocks and shares component
172.
- (1) Amend regulation 7 (qualifying investments for a stocks and shares component) as follows.
(2) In paragraph (2) -
(b) for sub-paragraph (g) substitute -
(3) In paragraph (4)(a) for paragraphs (iv) and (v) substitute -
(4) In paragraph (8) for "company" substitute "scheme" (twice).
(5) For paragraph (9) substitute -
where the securities scheme, warrant scheme or UCITS does not satisfy the condition in paragraph (8).".
Qualifying investments for a cash component
173.
In regulation 8(2) (qualifying investments for a cash component)[147] -
(c) for sub-paragraph (d) substitute -
Qualifying investments for an insurance component
174.
In regulation 9(3) (qualifying investments for an insurance component) for sub-paragraph (c) substitute -
Account manager - qualifications and Board's approval
175.
Amend regulation 14(2) (account manager - qualifications and Board's approval)[148] as follows -
Account manager ceasing to qualify
176.
In regulation 20(1)(d) (account manager ceasing to qualify) -
Returns of information by account manager
177.
In regulation 31(4) (returns of information by account manager) -
(b) in sub-paragraph (a) for paragraph (vi) substitute -
(c) in sub-paragraph (b) for paragraph (i) substitute -
Capital gains tax - adaptation of enactments
178.
In regulation 34(4) (capital gains tax - adaptation of enactments) for the words from "in relation to" to "company" substitute "in relation to qualifying investments falling within any of sub-paragraphs (a), (b), (d), (e), (f), (g) and (h) of regulation 7(2)".
Introduction
183.
Amend the Personal Portfolio Bonds (Tax) Regulations 1999 in accordance with Articles 184 and 185.
Interpretation
184.
- (1) Amend regulation 2(1) (interpretation) as follows.
(2) In the definition of "collective investment scheme" for "75 of the Financial Services Act 1986" substitute "235 of the Financial Services and Markets Act 2000".
(3) In the definition of "internal linked fund" for the words from "regulation" to "1996" substitute "section 11.1 of the Prudential Sourcebook (Insurers) and in this definition "the Prudential Sourcebook (Insurers)" means the Interim Prudential Sourcebook for Insurers made by the Financial Services Authority under the Financial Services and Markets Act 2000".
(4) In the definition of "insurance company" for "an insurance" to "1982" substitute "an undertaking carrying on the business of effecting or carrying out contracts of insurance and, for the purposes of this definition, "contract of insurance" has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001".
(5) In the definition of "warrant" for the words from "paragraphs" to "1986" substitute "paragraph 14 of Schedule 2 to the Financial Services and Markets Act 2000".
(6) The amendment made by paragraph (3) above has effect in relation to periods of account ending on or after 1st December 2001.
Definition of personal portfolio bond (applying to all policies or contracts whenever issued or made)
185.
In regulation 4(4)(c) (definition of personal portfolio bond (applying to all policies or contracts whenever issued or made)) for "75(8) of the Financial Services Act 1986" substitute "236 of the Financial Services and Markets Act 2000".
(b) in sub-paragraph (3) for the words from "provisions" to the end substitute
that contract shall be treated as a contract of long-term insurance.".
(3) In paragraph 5 of Part IV -
Provisions supplementing regulation 3
193.
- (1) In regulation 4(1) of the General Insurance Reserves (Tax) Regulations 2001 (provisions supplementing regulation 3) -
(b) in sub-paragraph (b) for "52B of that Act" substitute "116 of the Financial Services and Markets Act 2000".
(2) The amendment made by paragraph (1)(a) above has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within case 2, 3 or 4 of subsection (3) of that section.
(3) The amendment made by paragraph (1)(b) above has effect in relation to any transfer in relation to which section 116 of the Financial Services and Markets Act 2000 applies.
John Heppell
Graham Stringer
Two of the Lords Commissioners of Her Majesty's Treasury
8th November 2001
Short title and chapter or title and number | Extent of repeal or revocation |
The Finance Act 1986 (c. 41) | Section 83. |
The Personal Pension Schemes (Establishment of Schemes) Order 1988 (S.I. 1988/993) | Article 3(a). |
The Finance Act 1990 (c. 29) | In Schedule 6, in paragraph 1(2)(b), the definition of "long term business". |
The Friendly Societies Act 1992 (c. 40) | In Schedule 21, paragraph 10. |
The Finance (No. 2) Act 1992 (c. 48) | In Schedule 9 - |
(a) paragraph 3; |
|
(b) paragraph 5(5)(c); |
|
(c) paragraph 6(b). |
|
The Finance Act 1994 (c. 9) | Section 142(1). |
The Finance Act 1995 (c. 4) | Section 52(1). |
Section 63(3). | |
In Schedule 9, in paragraph 1(2) - | |
(a) paragraphs (a), (b) and (c); |
|
(b) in paragraph (d), "211(1), 213(5)". |
|
The Building Societies Act 1997 (c. 32) | Section 45(2). |
The Personal Pension Schemes (Establishment of Schemes) Order 1997 (S.I 1997/2388) | Article 3(a). |
Article 4. | |
Article 5. | |
The Transfer of Functions (Insurance) Order 1997 (S.I. 1997/2781) | In the Schedule, paragraph 114. |
The Capital Gains Tax (Definition of Permanent Interest Bearing Share) Regulations 1999 (S.I. 1999/1953) | The whole. |
The Financial Services and Markets Act 2000 (c. 8) | Section 411(1). |
[2] 1986 c. 41. Section 99(3) to (12) was relevantly amended by section 144(2), (4) and (5) of the Finance Act 1988 (c. 39), section 113(2) and (3) of the Finance Act 1990 (c. 29), section 196(5) of the Finance Act 1996 (c. 8), section 151(5) of the Finance Act 1998 (c. 36), and section 118(2) and (4) of, and paragraph 12 of Schedule 19 to, the Finance Act 1999 (c. 16).back
[5] Section 21(7) was substituted by paragraph 14(8) of Schedule 10 to the Finance Act 1997 (c. 16).back
[6] Section 33 was relevantly amended by paragraph 5 of Schedule 14 to the Finance Act 1999.back
[7] Section 59 was relevantly amended by section 52(4) of the Finance Act 1995 (c. 4).back
[8] Schedule 3 was amended by regulation 8 of S.I. 2000/2952.back
[10] Section 80B was inserted, together with section 80A, by section 97(1) of the Finance Act 1997.back
[11] Section 88B was inserted, together with section 88A, by section 102(1) of the Finance Act 1997.back
[12] Subsection (5B), together with subsection (5A), of section 99 was inserted by paragraph 12(3) of Schedule 19 to the Finance Act 1999.back
[13] Section 12 was relevantly amended by paragraph 3 of Schedule 9 to the Finance Act 1990 and paragraph 1(1) and (2)(a) of Schedule 9 to the Finance Act 1995.back
[14] Section 43F was inserted, together with sections 43A to 43E and 43G, by section 110 of the Finance Act 2000 (c. 17).back
[16] Section 76(7) and (7A) was substituted by section 411(1) of the Financial Services and Markets Act 2000.back
[17] Section 76A was inserted, together with section 76B, by section 411(2) of the Financial Services and Markets Act 2000.back
[18] Section 203F was inserted by section 127 of the Finance Act 1994 (c. 9) and was relevantly amended by section 65(4) of the Finance Act 1998.back
[19] Section 266 was relevantly amended by paragraph 2(3) of Schedule 9 to the Finance (No. 2) Act 1992 (c. 48).back
[21] Section 326 was relevantly amended by section 29 of, and paragraph 5 of Schedule 14 to, the Finance Act 1990 and paragraphs 2, 3, 4 and 5 of Schedule 12 to the Finance Act 1995.back
[22] Section 840A was inserted by paragraph 1(1) of Schedule 37 to the Finance Act 1996 and subsection (1)(b) of that section is relevantly amended by Article 46 of this Order.back
[23] Section 326A was inserted, together with sections 326B and 326C, by section 28(1) of the Finance Act 1990 and relevantly amended by section 63(2) and (3) of the Finance Act 1995.back
[24] Section 326C was relevantly amended by section 62(3) of the Finance Act 1995.back
[25] Section 333A was inserted by section 64(1) of the Finance Act 1995.back
[26] Section 333B was inserted by section 77 of the Finance Act 1998.back
[27] Section 376 was relevantly amended by paragraph 3 of Schedule 9 to the Finance (No. 2) Act 1992 and section 142 (1)(a) of the Finance Act 1994.back
[28] Section 376A was inserted by section 142(2) of the Finance Act 1994.back
[29] Section 431(2) was relevantly amended by paragraph 1(2)(b) of Schedule 6 to the Finance Act 1990, section 52(1) of the Finance Act 1995 and paragraph 114 of the Schedule to S.I. 1997/2781.back
[30] This sourcebook is part of the FSA Handbook. The FSA Handbook may be purchased on paper and on CD Rom from the Publications Department (Sales), Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and is available on line at www.fsa.gov.uk.back
[31] Section 431A was inserted by paragraph 2 of Schedule 6 to the Finance Act 1990.back
[32] Section 440(2) was amended by paragraph 1(1) and (2)(b) of Schedule 9 to the Finance Act 1995.back
[33] Section 444A was inserted by paragraph 4 of Schedule 9 to the Finance Act 1990 and was relevantly amended by paragraph 1(1) and (2)(b) of Schedule 9 to the Finance Act 1995.back
[34] Sections 444BA to 444BD were inserted by paragraph 1 of Schedule 32 to the Finance Act 1996.back
[35] Section 458(3) was amended by paragraph 2 of Schedule 33 to the Finance Act 1996.back
[36] Section 460 was relevantly amended by paragraph 6 of Schedule 9 to the Finance Act 1990, paragraph 5(5) of Schedule 9 to the Finance (No. 2) Act 1992 and paragraph 1(1) and (2)(c) of Schedule 9 to the Finance Act 1995.back
[38] Section 461 was amended by paragraph 10 of Schedule 21, and Part 1 of Schedule 22, to the Friendly Societies Act 1992 and paragraph 6 of Schedule 9 to the Finance (No. 2) Act 1992.back
[39] Sections 461A was inserted, together with sections 461B and 461C, by paragraph 7 of Schedule 22 to the Finance (No. 2) Act 1992.back
[40] Section 466(1) was substituted by section 171(1) of the Finance Act 1996.back
[41] Section 468L was inserted, together with sections 468H to 468K and sections 468M and 468N, by paragraph 2 of Schedule 14 to the Finance Act 1994 and was relevantly amended by Article 4 of S.I. 1997/212.back
[43] 1979 c. 37; section 48(3) was repealed, together with other sections, by section 108(2) of, and Part 1 of Schedule 7 to, the Banking Act 1987 (c. 22).back
[44] Section 587B was inserted by section 43(1) of the Finance Act 2000.back
[45] Section 632 was relevantly amended by S.I. 1988/993 and S.I. 1997/2388.back
[46] Section 659B was inserted by section 59(5) of the Finance Act 1995.back
[47] Section 591(2)(g) was amended by section 107(2) of, and Part 5(12) of Schedule 26 to, the Finance Act 1994.back
[48] Section 755B was inserted by paragraph 14 of Schedule 17 to the Finance Act 1998.back
[49] Section 759(1A) was inserted by section 134(3) of the Finance Act 1995.back
[52] S.I. 1985/1205 (N.I. 12).back
[53] Schedule 15 was relevantly amended by paragraph 19(6) of Schedule 9 to the Finance (No. 2) Act 1992.back
[54] Schedule 15A was inserted by paragraph 6(2) of Schedule 12 to the Finance Act 1995.back
[55] Schedule 19AC was inserted by paragraph 1 of Schedule 9 to the Finance Act 1993 (c. 34) and relevantly amended by paragraph 2 of Schedule 9 to the Finance Act 1995.back
[56] O.J. No. L360, 9.12.1992, pp. 1-27.back
[57] Section 432A was inserted, together with sections 432B to 432E, by paragraph 4 of Schedule 6 to the Finance Act 1990 and relevantly amended by paragraph 13(2) of Schedule 8 to the Finance Act 1995 and section 109(5) and (6) of the Finance Act 2000.back
[58] Section 432AA was inserted by paragraph 39 of Schedule 5 to the Finance Act 1998.back
[59] Section 438(1) was amended by paragraph 4(2) of Schedule 8 to the Finance Act 1995.back
[60] Section 438B was inserted by paragraph 5 of Schedule 25 to the Finance Act 2001 (c. 9).back
[61] Section 440(4) was substituted by paragraph 5(3) of Schedule 8 to the Finance Act 1995.back
[62] Section 440A was substituted, together with section 440, for section 440 by paragraph 8 of Schedule 6 to the Finance Act 1990.back
[63] Section 440B was inserted by paragraph 28(1) of Schedule 8 to the Finance Act 1995.back
[64] Section 755A was inserted by paragraph 13 of Schedule 17 to the Finance Act 1998.back
[65] Schedule 19AA was inserted by paragraph 6 of Schedule 7 to the Finance Act 1990 and relevantly amended by Articles 3 and 4 of S.I. 1994/3278 and Article 3 of S.I. 2000/2188.back
[66] Schedule 19AC was relevantly amended by paragraphs 39, 44 and 48 of Schedule 8 to the Finance Act 1995, section 109(9)(c)(i) of the Finance Act 2000 and Article 5 of S.I. 2000/2188.back
[67] Section 432ZA was inserted by paragraph 11(2) of Schedule 8 to the Finance Act 1995.back
[68] Section 432C(1) was amended by paragraphs 12(1)(a) and 14(2) of Schedule 8 to the Finance Act 1995.back
[69] Section 432D(1) was amended by paragraphs 12(1)(a) and 15(2) of Schedule 8 to the Finance Act 1995.back
[70] Section 444A(5) was amended by paragraph 17(5) of Schedule 8 to the Finance Act 1995.back
[71] Section 463 was amended by section 50 of the Finance Act 1990, paragraph 10 of Schedule 9 to the Finance (No. 2) Act 1992 and section 171(5) of the Finance Act 1996.back
[72] Section 466(2) was relevantly amended by section 171(2)(b) of the Finance Act 1996.back
[73] Section 804B was inserted by paragraph 17 of Schedule 30 to the Finance Act 2000.back
[74] Section 804C was inserted by paragraph 18(1) of Schedule 30 to the Finance Act 2000.back
[75] Schedule 19AB was inserted by Schedule 8 to the Finance Act 1991 and is repealed by Part 2(12) of Schedule 33 to the Finance Act 2001 with effect in accordance with section 87 of that Act.back
[76] Paragraph 2(3) was amended by section 45(2) of the Building Societies Act 1997 (c. 32).back
[77] The reference is to section 100 of the Income and Corporation Taxes Act 1988 which was amended by section 140 of the Finance Act 1995 and section 46(3) of, and paragraph 1 of Schedule 7 to, the Finance Act 1988.back
[78] Sections 83 and 83A were substituted for section 83 by paragraph 16(1) of Schedule 8 to the Finance Act 1995 and subsections (3) to (8) of section 83 were substituted for subsection (3) of that section by paragraph 4 of Schedule 31 to the Finance Act 1996.back
[79] Section 83A(2) was amended by paragraph 6(2) of Schedule 31 to the Finance Act 1996.back
[80] Section 89 was substituted by section 45(3) of the Finance Act 1990.back
[81] Schedule 8A was inserted by Schedule 10 to the Finance Act 1993 and paragraph 1B was substituted, together with paragraphs 1, 1A and 1C, for paragraph 1 by paragraph 49(2) of Schedule 8 to the Finance Act 1995.back
[82] Section 83AA was inserted, together with section 83AB, by paragraph 5 of Schedule 31 to the Finance Act 1996.back
[83] Sub-paragraph (4) of paragraph 1A was amended, and sub-paragraph (5) of that paragraph inserted, by paragraph 8(4) and (5) of Schedule 31 to the Finance Act 1996.back
[84] This sourcebook is part of the FSA Handbook. The FSA Handbook may be purchased on paper and on CD Rom from the Publications Department (Sales), Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and is available on line at www.fsa.gov.uk.back
[85] Section 143 was relevantly amended by section 95 of the Finance Act 1995.back
[86] Section 211(1) was amended by paragraph 1(2)(d) of Schedule 9 to the Finance Act 1995.back
[87] Section 213(5) was amended by paragraphs 1(2)(d) and 4 of Schedule 9 to the Finance Act 1995.back
[88] Section 214C was inserted by paragraph 7 of Schedule 21 to the Finance Act 1998.back
[89] Schedule A1 was inserted by Schedule 20 to the Finance Act 1998.back
[90] Schedule 7B was inserted by Schedule 11 to the Finance Act 1993 and paragraphs 9A and 11(1A) were inserted in that Schedule by paragraph 6(2) and (3) of Schedule 9 to the Finance Act 1995.back
[91] Section 168(7) was amended by section 52(2) of the Finance Act 1995.back
[92] This sourcebook is part of the FSA Handbook. The FSA Handbook may be purchased on paper and on CD Rom from the Publications Department (Sales), Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and is available on line at www.fsa.gov.uk.back
[93] Section 171(2B) was inserted by section 22(1) of the Finance (No. 2) Act 1997.back
[94] Section 172(1)(b) was substituted by paragraph 2 of Schedule 21 to the Finance Act 1994.back
[95] Section 174 was relevantly amended by paragraph 3 of Schedule 21 to the Finance Act 1994.back
[96] Section 182(1)(ca) was inserted by section 83(2) of the Finance Act 1995 and amended by paragraph 6(a) of Schedule 10, and Part 6(10) of Schedule 18, to the Finance Act 1997.back
[97] Section 184(1) was relevantly amended by paragraph 8 of Schedule 21, and Part 5(25) of Schedule 26, to the Finance Act 1994.back
[98] Section 177(1) was relevantly amended by section 52(3) of the Finance Act 1995.back
[100] Section 219 was relevantly amended by section 22(2) and (3) of, and Part 2(5) of Schedule 8 to, the Finance (No. 2) Act 1997 (c. 58).back
[101] Section 229(ca) was inserted by section 83(2) of the Finance Act 1995 and amended by paragraph 6(b) of Schedule 10, and Part 6(10) of Schedule 18, to the Finance Act 1997.back
[102] Paragraph 8 was relevantly amended by Article 10 of S.I. 1997/213.back
[103] Schedule 11 was relevantly amended by section 109(8) of the Finance Act 2000.back
[104] O.J. No. L228, 11.08.1992, pp. 1-23.back
[105] This sourcebook is part of the FSA Handbook. The FSA Handbook may be purchased on paper and on CD Rom from the Publications Department (Sales), Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and is available on line at www.fsa.gov.uk.back
[106] Regulation 2(1) was amended by Article 3 of S.I. 1979/1576.back
[107] Regulation 2 was relevantly amended by regulation 2(a) and (b) of S.I. 1992/3287 and regulation 3(a), (c), (f) and (g) of S.I. 1997/2430.back
[109] Regulation 4A was inserted by regulation 5 of S.I. 1997/2430.back
[110] The Schedule was relevantly amended by regulations 11(2) and 12(2) of S.I. 1997/2430.back
[111] Section 25(4) was amended by paragraph 8(1) of Schedule 18 to the Finance Act 1986.back
[112] Regulation 4ZA was inserted by regulation 4 of S.I. 1996/3115.back
[113] Regulation 2(1) was relevantly amended by regulation 3(a) of S.I. 1995/3287, regulation 3(2) and (3) of S.I. 1997/1716, regulation 3 of S.I. 1998/1869 and regulation 3 of S.I. 2001/923.back
[115] Regulation 5 was relevantly amended by regulation 6(2) of S.I. 2001/923.back
[116] This sourcebook is part of the FSA Handbook. The FSA Handbook may be purchased on paper and on CD Rom from the Publications Department (Sales), Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and is available on line at www.fsa.gov.uk.back
[117] Regulation 6 was substituted by regulation 7 of S.I. 2001/923.back
[118] Regulation 11 was amended by regulation 5 of S.I. 1995/3287.back
[119] Regulation 24A was inserted by regulation 13 of S.I. 1993/756 and relevantly amended by regulation 12 of S.I. 2001/923.back
[120] Regulation 6 was added by regulation 5 of S.I. 1996/3113.back
[121] Regulation 2(1) was relevantly amended by regulation 3(a) and (b) of S.I. 1996/3114.back
[122] Regulation 4(1)(r) was added by regulation 4(1)(a)(v) of S.I. 1992/2915.back
[123] Regulation 2 was relevantly amended by regulation 3(1) of S.I. 1995/1929 and regulation 8(c) of S.I. 1995/3239.back
[124] Regulation 5 was amended by regulation 9 of S.I. 1995/3239.back
[125] Regulation 11(a) was amended by regulation 10(a) of S.I. 1995/3239.back
[126] Regulation 3 was amended by regulation 4 of S.I. 1995/1929.back
[127] Regulation 6 was amended by regulation 5 of S.I. 1995/1929.back
[128] Regulation 7A was inserted, together with regulation 7B, by regulation 7 of S.I. 1995/1929.back
[129] Regulation 12 was amended by regulation 8 of S.I. 1995/1929.back
[130] Regulation 13 was amended by regulation 9 of S.I. 1995/1929.back
[131] Regulation 14 was substituted by regulation 10 of S.I. 1995/1929.back
[132] Regulation 16 was amended by regulation 11 of S.I. 1995/3239.back
[133] Regulation 7 was added by regulation 4 of S.I. 1996/673.back
[134] Regulation 2(1) was relevantly amended by regulation 3(2) and (4) of S.I. 1999/2839.back
[135] Regulation 5(1A) was inserted by regulation 5(3) of S.I. 1999/2839.back
[136] Regulation 7(1A) was inserted by regulation 6(3) of S.I. 1999/2839.back
[137] Regulation 7A was inserted by regulation 7 of S.I 1999/2839.back
[138] Regulation 8(1A) was inserted by regulation 8(3) of S.I. 1999/2839.back
[139] Regulation 13(1A) was inserted by regulation 13(2) of S.I. 1999/2839.back
[140] Regulation 14(1A) was inserted by regulation 14(3) of S.I. 1999/2839.back
[141] Regulation 14A was inserted by regulation 15 of S.I. 1999/2839.back
[142] Regulation 8 was amended by regulation 7(2) of S.I. 1999/1408.back
[143] Regulation 8A was inserted by regulation 7(3) of S.I. 1999/1408.back
[144] Regulation 53A was inserted by regulation 5 of S.I. 1997/2877.back
[145] Regulation 2(1) was relevantly amended by regulation 3(3)(a) and (c) of S.I. 1998/3174.back
[146] This sourcebook is part of the FSA Handbook. The FSA Handbook may be purchased on paper and on CD Rom from the Publications Department (Sales), Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and is available on line at www.fsa.gov.uk.back
[147] Regulation 8(2) was relevantly amended by regulation 6 of S.I. 1998/3174.back
[148] Regulation 14(2) was amended by regulation 8 of S.I. 1998/3174.back