The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001

1. Introductory Text

2. PART 1 INTRODUCTORY

   1. 1. Citation and commencement

   2. 2. Interpretation

3. PART 2 AMENDMENTS TO PRIMARY LEGISLATION

   1. The Taxes Management Act 1970 (c. 9)

      1. 3. Returns and other information: stock jobbers' transactions

   2. The Finance Act 1970 (c. 24)

      1. 4. Composition agreements in relation to stamp duty

   3. The Inheritance Tax Act 1984 (c. 51)

      1. 5. Settled property: qualifying interests in possession

   4. The Finance Act 1986 (c. 41)

      1. 6. Introduction

      2. 7. Stamp duty: intermediaries

      3. 8. Stamp duty: interpretation of sections 81, 82 and 84

      4. 9. Stamp duty reserve tax: intermediaries

      5. 10. Stamp duty reserve tax: interpretation

      6. 11. Inheritance tax: power to amend definitions of “market maker”

      7. 12. Power to modify section 21 of the Taxes Management Act 1970: definition of recognised investment exchange

   5. The Income and Corporation Taxes Act 1988 (c. 1)

      1. 13. Introduction

      2. 14. Transfers of insurance business

      3. 15. Insurance business: application of sections 43A to 43E of the Taxes Act

      4. 16. Tax treatment of levies and repayments

      5. 17. PAYE: readily convertible assets

      6. 18. Relief on life assurance premiums

      7. 19. Interest under contractual savings schemes

      8. 20. Tax-exempt special savings accounts

      9. 21. Personal equity plans: tax representatives

      10. 22. Involvement of insurance companies with plans and accounts

      11. 23. Mortgage interest relief: qualifying lenders

      12. 24. Mortgage interest relief: register of qualifying lenders

      13. 25. Mortgage interest relief: interpretation

      14. 26. Interpretative provisions relating to insurance companies

      15. 27. Power to amend the Tax Acts so far as relating to insurance companies

      16. 28. Transfer of assets etc.

      17. 29. Effect of transfer of insurance business

      18. 30. Equalisation reserves

      19. 31. Capital redemption business

      20. 32. Friendly societies: exemption from tax in respect of life or endowment business

      21. 33. Taxation in respect of other business

      22. 34. Taxation in respect of other business: incorporated friendly societies qualifying for exemption

      23. 35. Taxation in respect of other business: incorporated friendly societies etc.

      24. 36. Taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society

      25. 37. Interpretation of Chapter 2 of Part 12

      26. 38. Authorised unit trusts: interest distributions

      27. 39. Interest payments: meaning of deposit-taker

      28. 40. Gifts of shares and securities to charities etc.

      29. 41. Establishment of schemes

      30. 42. Pension schemes etc.: meaning of insurance company

      31. 43. Power to modify section 735 to take account of recognised investment exchanges

      32. 44. Amendment of return where general insurance business of foreign company accounted for on a non-annual basis

      33. 45. Material interests in offshore funds

      34. 46. Interpretation: meaning of “bank”

      35. 47. Qualifying policies

      36. 48. Contractual savings schemes: relevant European institutions

      37. 49. Overseas life insurance companies

      38. 50. Charities: qualifying investments

      39. 51. Apportionment in relation to foreign controlled company: exempt activities

      40. 52. Miscellaneous amendments

   6. The Finance Act 1988 (c. 39)

      1. 53. Meaning of “financial trading stock” in relation to a building society

   7. The Finance Act 1989 (c. 26)

      1. 54. Introduction

      2. 55. Calculation of profits

      3. 56. Computation of profits of life assurance companies

      4. 57. Meaning of “brought into account”

      5. 58. Policy holders' share of profits

      6. 59. Modification of section 83A in relation to overseas life insurance companies

      7. 60. Miscellaneous amendments

   8. The Taxation of Chargeable Gains Act 1992 (c. 12)

      1. 61. Introduction

      2. 62. Unit trust schemes

      3. 63. Qualifying corporate bonds: meaning of permanent interest bearing share

      4. 64. Commodity and financial futures etc.

      5. 65. Options and forfeited deposits

      6. 66. Transfer of insurance business

      7. 67. Spreading of gains and losses accruing as a result of deemed disposal under section 212

      8. 68. Gains not eligible for taper relief

      9. 69. Application of Act to recognised investment exchanges

      10. 70. Interpretation

      11. 71. Application of taper relief: special rules for assets acquired in the reconstruction of mutual businesses etc.

      12. 72. Overseas life insurance companies

      13. 73. Miscellaneous amendments

   9. The Finance (No. 2) Act 1992 (c. 48)

      1. 74. Special provisions in relation to banks etc. in compulsory liquidation

   10. The Finance Act 1993 (c. 34)

       1. 75. Introduction

       2. 76. Deferral of unrealised gains

       3. 77. Early termination of currency contract

       4. 78. Insurance companies

       5. 79. Interpretation

       6. 80. Exchange gains and losses: alternative calculations

       7. 81. Exchange gains and losses: chargeable gains

       8. 82. Miscellaneous amendments

   11. The Finance Act 1994 (c. 9)

       1. 83. Introduction

       2. 84. Interest rate and currency contracts

       3. 85. Interpretation

       4. 86. Provisions relating to the Railways Act 1993

       5. 87. Miscellaneous amendments

   12. The Finance Act 1995 (c. 4)

       1. 88. Introduction

       2. 89. Persons not treated as UK representatives

       3. 90. Open-ended investment companies

       4. 91. Contractual savings schemes

   13. The Finance Act 1996 (c. 8)

       1. 92. Introduction

       2. 93. Mis-sold personal pensions

       3. 94. Loan relationships: continuity of treatment

       4. 95. Loan relationships: collective investment schemes

       5. 96. Miscellaneous amendments

   14. The Finance Act 1997 (c. 16)

       1. 97. Introduction

       2. 98. Payments under certain life insurance policies

       3. 99. Stamp duty: mergers of authorised unit trusts

       4. 100. Stamp duty: demutualisation of insurance companies

       5. 101. Stamp duty reserve tax: mergers of authorised unit trusts

       6. 102. Leasing arrangements—finance leases and loans

   15. The Finance Act 1998 (c. 36)

       1. 103. Company tax returns: insurance companies and friendly societies with non-annual actuarial investigations

   16. The Finance Act 1999 (c. 16)

       1. 104. Stamp duty and stamp duty reserve tax: meaning of unit trust scheme

   17. The Finance Act 2000 (c. 17)

       1. 105. Introduction

       2. 106. General insurance reserves

       3. 107. Employee share ownership plans

   18. The Capital Allowance Act 2001 (c. 2)

       1. 108. Transfer of insurance company business

   19. Consequential repeals and revocations

       1. 109. Repeals and revocations in consequence of the amendments made by this Part

4. PART 3 AMENDMENTS TO SECONDARY LEGISLATION

   1. The Income Tax (Life Assurance Premium Relief) Regulations 1978 (S.I. 1978/1159)

      1. 110. Interpretation

   2. The Friendly Societies (Life Assurance Premium Relief) (Change of Rate) Regulations 1980 (S.I. 1980/1947)

      1. 111. Interpretation

   3. The Stamp Duty Reserve Tax Regulations 1986 (S.I. 1986/1711)

      1. 112. Introduction

      2. 113. Interpretation

      3. 114. Notice of charge and payment

      4. 115. The Taxes Management Act 1970: provisions to apply

   4. The Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/266)

      1. 116. Interpretation

   5. The Income Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/267)

      1. 117. Interpretation

   6. The Stamp Duty and Stamp Duty Reserve Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/268)

      1. 118. Interpretation

   7. The Occupational Pension Schemes (Transitional Provisions) Regulations 1988 (S.I. 1988/1436)

      1. 119. Disapplication of paragraphs 2, 3, 4 and 6 of Schedule 23 to the Income and Corporation Taxes Act 1988—further provision

   8. The Personal Equity Plan Regulations 1989 (S.I. 1989/469)

      1. 120. Introduction

      2. 121. Interpretation

      3. 122. General investment rules

      4. 123. Qualifying investments

      5. 124. Plan manager—qualifications and Board’s approval

      6. 125. Returns of information by plan manager

   9. The Retirement Benefits Schemes (Tax Relief on Contributions) (Disapplication of Earnings Cap) Regulations 1990 (S.I. 1990/586)

      1. 126. Mis-sold pension contracts—further disapplication of paragraphs 5(4) and 6(5) of Schedule 6 to the Finance Act 1989

   10. The Retirement Benefits Schemes (Continuation of Rights of Members of Approved Schemes) Regulations 1990 (S.I. 1990/2101)

       1. 127. Interpretation

   11. The Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 (S.I. 1990/2231)

       1. 128. Gross payments

   12. The Tax-exempt Special Savings Account Regulations 1990 (S.I. 1990/2361)

       1. 129. Introduction

       2. 130. Interpretation

       3. 131. Notification by society or institution of intention to operate accounts

       4. 132. Society or institution ceasing to be entitled to operate accounts

       5. 133. Miscellaneous amendments

   13. The Debts of Overseas Governments (Determination of Relevant Percentage) Regulations 1990 (S.I. 1990/2529)

       1. 134. A, B and C factors: introductory

   14. The Inheritance Tax (Market Makers) Regulations 1992 (S.I. 1992/3181)

       1. 135. Modification of sections 105(7) and 234(4) of the Inheritance Tax Act 1984

   15. The Income Tax (Prescribed Deposit-takers) Order 1992 (S.I. 1992/3234)

       1. 136. Meaning of European deposit-taker

   16. The Exchange Gains and Losses (Alternative Method of Calculation of Gain or Loss) Regulations 1994 (S.I. 1994/3227)

       1. 137. Settlement and replacement of debts

   17. The Exchange Gains and Losses (Insurance Companies) Regulations 1994 (S.I. 1994/3231)

       1. 138. Specified assets

   18. The Lloyd’s Underwriters (Tax) Regulations 1995 (S.I. 1995/351)

       1. 139. Cessation of individual member’s underwriting business—terminal loss relief

   19. The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 (S.I. 1995/1730)

       1. 140. Prescribed percentage rates of return

   20. The Retirement Benefits Schemes (Information Powers) Regulations 1995 (S.I. 1995/3103)

       1. 141. Reporting of chargeable events

   21. The Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 (S.I. 1995/3237)

       1. 142. Miscellaneous amendments

   22. the Capital Gains Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1583)

       1. 143. Interpretation

   23. The Stamp Duty and Stamp Duty Reserve Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1584)

       1. 144. Interpretation

   24. The Income Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1585)

       1. 145. Interpretation

   25. the Insurance Companies (Reserves) (Tax) Regulations 1996 (S.I. 1996/2991)

       1. 146. Introduction

       2. 147. Interpretation

       3. 148. Non-annual accounts: tax returns prepared on an annual basis

       4. 149. EEA firms and Treaty firms

       5. 150. Certain business carried on outside the United Kingdom

       6. 151. Miscellaneous amendments

   26. The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)

       1. 152. Introduction

       2. 153. Interpretation

       3. 154. Modifications of section 12 of the Income and Corporation Taxes Act 1988

       4. 155. Modification of section 76(7) of the Income and Corporation Taxes Act 1988

       5. 156. Modifications of section 431 of the Income and Corporation Taxes Act 1988

       6. 157. Modifications of section 432A of the Income and Corporation Taxes Act 1988

       7. 158. Modifications of section 440 of the Income and Corporation Taxes Act 1988

       8. 159. Modifications of section 444A of the Income and Corporation Taxes Act 1988

       9. 160. Modifications of section 83 of the Finance Act 1989

       10. 161. Modifications of section 211 of the Taxation of Chargeable Gains Act 1992

       11. 162. Modifications of section 213 of the Taxation of Chargeable Gains Act 1992

       12. 163. Modifications of paragraph 12 of Schedule 9 to the Finance Act 1996

       13. 164. Modification of paragraph 18 of Schedule 12 to the Finance Act 1997

       14. 165. Miscellaneous amendments

   27. The Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154)

       1. 166. Modifications of section 468 of the Income and Corporation Taxes Act 1988

   28. The Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997 (S.I. 1997/1156)

       1. 167. Interpretation

   29. The Individual Savings Account Regulations 1998 (S.I. 1998/1870)

       1. 168. Introduction

       2. 169. Interpretation

       3. 170. Transfers from matured tax-exempt special savings accounts

       4. 171. General investment rules

       5. 172. Qualifying investments for a stocks and shares component

       6. 173. Qualifying investments for a cash component

       7. 174. Qualifying investments for an insurance component

       8. 175. Account manager—qualifications and Board’s approval

       9. 176. Account manager ceasing to qualify

       10. 177. Returns of information by account manager

       11. 178. Capital gains tax—adaptation of enactments

   30. The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)

       1. 179. Tax credits on distributions to insurance companies

   31. The Controlled Foreign Companies (Excluded Countries) Regulations 1998 (S.I. 1998/3081)

       1. 180. Interpretation

   32. The Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175)

       1. 181. Anti-avoidance provision

   33. The Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1999 (S.I. 1999/622)

       1. 182. Substitution of paragraph 1(5) of Schedule 19AB

   34. The Personal Portfolio Bonds (Tax) Regulations 1999 (S.I. 1999/1029)

       1. 183. Introduction

       2. 184. Interpretation

       3. 185. Definition of personal portfolio bond (applying to all policies or contracts whenever issued or made)

   35. The Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) Regulations 1999 (S.I. 1999/2383)

       1. 186. Interpretation

   36. The Insurance Companies (Overseas Life Assurance Business) (Excluded Business) Regulations 2000 (S.I. 2000/2089)

       1. 187. Interpretation

   37. The Personal Pension Schemes (Information Powers) Regulations 2000 (S.I. 2000/2316)

       1. 188. Annuity contracts

   38. The Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001 (S.I. 2001/117)

       1. 189. Interpretation

   39. The Social Security (Contributions) Regulations 2001 (S.I. 2001/1004)

       1. 190. Introduction

       2. 191. Calculation of earnings for the purposes of earnings-related contributions in particular cases

       3. 192. Payments to be disregarded in the calculation of earnings for the purposes of earnings-related contributions

   40. The General Insurance Reserves (Tax) Regulations 2001 (S.I. 2001/1757)

       1. 193. Provisions supplementing regulation 3

5. Signature

6. 1. SCHEDULE

      REPEALS IN CONSEQUENCE OF THE AMENDMENTS MADE BY PART 2 OF THIS ORDER

7. Explanatory Note