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The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2002
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- 2002 No. 1409
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order makes amendments to tax legislation in consequence of the provisions of the Financial Services and Markets Act 2000 (c. 8) (“the FSMA”).
The main amendment is to section 840A(1) of the Income and Corporation Taxes Act 1988 (c. 1) which contains a definition of “bank”. This definition was amended by the Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629) so as to include, subject to certain exceptions, persons having permission under Part 4 of the FSMA to accept deposits.
The amendment made by this Order has the effect of adding to the exceptions in the definition as amended. The addition relates to certain societies registered within the meaning of the Friendly Societies Act 1974 (c. 46). Such societies fell outside the definition as originally enacted but were not excepted from the amended definition because it was not anticipated that any would have permission under Part 4 of the FSMA to accept deposits.
This Order comes into force on 2nd July 2002 which is the date from which the first of the societies to which the amendment relates will have permission under Part 4 of the FSMA to accept deposits.
The opportunity is being taken to make other minor amendments to the Income and Corporation Taxes Act 1988 and to other primary and secondary legislation.
Article 1 provides for citation and commencement.
Article 2 amends the Income and Corporation Taxes Act 1988.
Article 3 amends section 83A(2) of the Finance Act 1989 (c. 26).
Article 4 amends regulation 10 of the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 (S.I. 1995/1730).
Article 5 amends regulations 7(3) and 8(2) of the Insurance Companies (Reserves) (Tax) Regulations 1996 (S.I. 1996/2991).
Article 6 amends regulation 53A of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473).
Article 7 amends regulation 7(4)(a) of the Individual Savings Account Regulations 1998 (S.I. 1998/1870).
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