Details of the Section
2.Subsection (1) provides that HM Treasury may make regulations in relation to how taxes apply when there is a relevant intervention by the FSCS in connection with protected insurance contracts. Subsection (2) explains when there will be a relevant intervention.
3.Subsection (3) identifies the contracts that are included by referring to the definition included in Financial Services Authority Handbook.
4.Subsection (6) provides that the regulations can apply to a period before they were made, but only if they do not increase any person’s tax liability.
5.Subsections (7) and (8) provide that the regulations may amend or modify primary and secondary legislation.
6.Subsection (10) provides that the regulations are to be made under the negative resolution procedure.