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Finance Act 2009

Transfer of certain functions from HM Treasury to HMRC

4.Paragraph 2 amends section 705 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA), to transfer from HM Treasury to the Commissioners for HMRC responsibility for certifying "linked savings contracts" - contracts used in approved SAYE schemes.

5.Sub-paragraph (2) of paragraph 2 substitutes "Commissioners" for "Treasury" in subsections (1) and (2) of section 705, and sub–paragraph 3 inserts a new subsection (5) explaining the term "Commissioners".

6.Paragraph 3 amends section 706 of ITTOIA, to transfer from HM Treasury to the Commissioners for HMRC powers to withdraw and vary certifications and connected requirements in relation to SAYE savings arrangements.

7.Paragraph 4 amends section 707 of ITTOIA, to transfer from HM Treasury to the Commissioners for HMRC powers to authorise providers of certified savings arrangements.

8.Paragraph 5 makes amendments to section 708 of ITTOIA, to transfer from HM Treasury to the Commissioners for HMRC powers to withdraw and vary the authorisation of providers.

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