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Finance Act 1995

Status:

This is the original version (as it was originally enacted).

Section 326: supplementary

6(1)Section 326 shall be further amended by inserting the following subsection after subsection (8) (inserted by paragraph 5 above)—

(9)Schedule 15A to this Act (which contains provisions supplementing this section) shall have effect.

(2)The following Schedule shall be inserted after Schedule 15 to the Taxes Act 1988

SCHEDULE 15ACONTRACTUAL SAVINGS SCHEMES

Introduction

1This Schedule shall have effect for the purposes of section 326.

Share option linked schemes

2(1)A share option linked scheme is a scheme under which periodical contributions are to be made by an individual—

(a)who is eligible to participate in (that is, to obtain and exercise rights under) an approved savings-related share option scheme, and

(b)who is to make the contributions for the purpose of enabling him to participate in that approved scheme.

(2)In sub-paragraph (1) above—

(a)“savings-related share option scheme” has the meaning given by paragraph 1 of Schedule 9, and

(b)“approved” means approved under that Schedule.

Relevant European institutions

3A relevant European institution is an institution which—

(a)is a European authorised institution within the meaning of the [S.I. 1992/3218.] Banking Co-ordination (Second Council Directive) Regulations 1992, and

(b)may accept deposits in the United Kingdom in accordance with those regulations.

Treasury specifications

4(1)The requirements which may be specified under section 326(3)(b), (4)(b) or (5)(b) are such requirements as the Treasury think fit.

(2)In particular, the requirements may relate to—

(a)the descriptions of individuals who may enter into contracts under a scheme;

(b)the contributions to be paid by individuals;

(c)the sums to be paid or repaid to individuals.

(3)The requirements which may be specified under any of the relevant provisions may be different from those specified under any of the other relevant provisions; and the relevant provisions are section 326(3)(b), (4)(b) and (5)(b).

5(1)Where a specification has been made under section 326(3)(b), (4)(b) or (5)(b) the Treasury may—

(a)withdraw the specification and any certification made by reference to the specification, and

(b)stipulate the date on which the withdrawal is to become effective.

(2)No withdrawal under this paragraph shall affect—

(a)the operation of the scheme before the stipulated date, or

(b)any contract entered into before that date.

(3)No withdrawal under this paragraph shall be effective unless the Treasury—

(a)send a notice by post to each relevant body informing it of the withdrawal, and

(b)do so not less than 28 days before the stipulated date;

and a relevant body is a society or institution authorised (whether unconditionally or subject to conditions being met) to enter into contracts under the scheme concerned.

6(1)Where a specification has been made under section 326(3)(b), (4)(b) or (5)(b) the Treasury may—

(a)vary the specification,

(b)withdraw any certification made by reference to the specification obtaining before the variation, and

(c)stipulate the date on which the variation and withdrawal are to become effective;

and the Treasury may at any time certify a scheme as fulfilling the requirements obtaining after the variation.

(2)No variation and withdrawal under this paragraph shall affect—

(a)the operation of the scheme before the stipulated date, or

(b)any contract entered into before that date.

(3)No variation and withdrawal under this paragraph shall be effective unless the Treasury—

(a)send a notice by post to each relevant body informing it of the variation and withdrawal, and

(b)do so not less than 28 days before the stipulated date;

and a relevant body is a society or institution authorised (whether unconditionally or subject to conditions being met) to enter into contracts under the scheme concerned.

Treasury authorisation

7(1)The Treasury may authorise a society or institution under section 326(7) or (8) as regards schemes generally or as regards a particular scheme or particular schemes.

(2)More than one authorisation may be given to the same society or institution.

8(1)Where an authorisation has been given under section 326(7) or (8) the Treasury may withdraw the authorisation and stipulate the date on which the withdrawal is to become effective; and the withdrawal shall have effect as regards any contract not entered into before the stipulated date.

(2)No withdrawal under this paragraph shall be effective unless the Treasury—

(a)send a notice by post to the society or institution concerned informing it of the withdrawal, and

(b)do so not less than 28 days before the stipulated date.

(3)A withdrawal of an authorisation shall not affect the Treasury’s power to give another authorisation or other authorisations.

9(1)Where an authorisation has been given under section 326(7) the Treasury may—

(a)stipulate that the authorisation is to be varied by being treated as given subject to specified conditions being met, and

(b)stipulate the date on which the variation is to become effective.

(2)As regards any contract entered into on or after the stipulated date the authorisation shall be treated as having been given under section 326(8) subject to the conditions being met.

(3)No variation under this paragraph shall be effective unless the Treasury—

(a)send a notice by post to the society or institution concerned informing it of the variation, and

(b)do so not less than 28 days before the stipulated date.

10(1)Where an authorisation has been given under section 326(8) the Treasury may withdraw the conditions and stipulate the date on which the withdrawal is to become effective.

(2)As regards any contract entered into on or after the stipulated date the authorisation shall be treated as having been given under section 326(7) without any conditions being imposed.

11(1)Where an authorisation has been given under section 326(8) the Treasury may vary the conditions and stipulate the date on which the variation is to become effective; and the variation shall have effect as regards any contract entered into on or after the stipulated date.

(2)No variation under this paragraph shall be effective unless the Treasury—

(a)send a notice by post to the society or institution concerned informing it of the variation, and

(b)do so not less than 28 days before the stipulated date.

12(1)If the Treasury act as regards an authorisation under a relevant paragraph, the paragraph concerned shall have effect subject to their power to act later, as regards the same authorisation, under the same or (as the case may be) another relevant paragraph.

(2)If the Treasury act later as mentioned in sub-paragraph (1) above that sub-paragraph shall apply again, and so on however many times they act as regards an authorisation.

(3)If the Treasury act as regards an authorisation under a relevant paragraph the paragraph concerned shall have effect subject to their power to act later, as regards the same authorisation, under paragraph 8 above.

(4)For the purposes of this paragraph the relevant paragraphs are paragraphs 9 to 11 above.

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