Income Tax (Trading and Other Income) Act 2005

697 Special requirements for certain foreign managers

(1) Investment plan regulations may provide that a foreign institution may only be a plan manager if one of the requirements set out in section 698(2), (3) and (4) about the discharge of such of the institution’s duties as are specified in the regulations is met.

(2) In this section “foreign institution” means—

(a) an EEA firm of the kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to FISMA 2000 which is an authorised person for the purposes of that Act as a result of qualifying for authorisation under paragraph 12 of that Schedule,

(b) a firm which is an authorised person for those purposes as a result of qualifying for authorisation under paragraph 2 of Schedule 4 to that Act, or

(c) an insurance company which is non-UK resident.

(3) Different duties may be specified under subsection (1) for different institutions or different descriptions of institution.

(4) In this section—

• “insurance company” means an undertaking carrying on the business of effecting or carrying out contracts of insurance, and

• “contract of insurance” has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544).