Search Legislation

Finance Act 1995

Status:

This is the original version (as it was originally enacted).

64Personal equity plans: tax representatives

(1)The following section shall be inserted after section 333 of the Taxes Act 1988 (personal equity plans)—

333APersonal equity plans: tax representatives

(1)Regulations under section 333 may include provision that a European institution cannot be a plan manager unless one of the following three requirements is fulfilled.

(2)The first requirement is that—

(a)a person who falls within subsection (5) below is for the time being appointed by the institution to be responsible for securing the discharge of prescribed duties which fall to be discharged by the institution, and

(b)his identity and the fact of his appointment have been notified to the Board by the institution.

(3)The second requirement is that there are for the time being other arrangements with the Board for a person other than the institution to secure the discharge of such duties.

(4)The third requirement is that there are for the time being other arrangements with the Board designed to secure the discharge of such duties.

(5)A person falls within this subsection if—

(a)he is not an individual and has a business establishment in the United Kingdom, or

(b)he is an individual and is resident in the United Kingdom.

(6)Different duties may be prescribed as regards different institutions or different descriptions of institution.

(7)The regulations may provide that—

(a)the first requirement shall not be treated as fulfilled unless the person concerned is of a prescribed description;

(b)the appointment of a person in pursuance of that requirement shall be treated as terminated in prescribed circumstances.

(8)The regulations may provide that—

(a)the second requirement shall not be treated as fulfilled unless the person concerned is of a prescribed description;

(b)arrangements made in pursuance of that requirement shall be treated as terminated in prescribed circumstances.

(9)The regulations may provide as mentioned in subsection (10) below as regards a case where—

(a)in accordance with the first requirement a person is for the time being appointed to be responsible for securing the discharge of duties, or

(b)in accordance with the second requirement there are for the time being arrangements for a person to secure the discharge of duties.

(10)In such a case the regulations may provide that the person concerned—

(a)shall be entitled to act on the institution’s behalf for any of the purposes of the provisions relating to the duties;

(b)shall secure (where appropriate by acting on the institution’s behalf) the institution’s compliance with and discharge of the duties;

(c)shall be personally liable in respect of any failure of the institution to comply with or discharge any such duty as if the duties imposed on the institution were imposed jointly and severally on the institution and the person concerned.

(11)In this section—

(a)“European institution” has the same meaning as in the [S.I. 1992/3218.] Banking Co-ordination (Second Council Directive) Regulations 1992;

(b)“prescribed” means prescribed by the regulations.

(12)The preceding provisions of this section shall apply in the case of a relevant authorised person as they apply in the case of a European institution; and “relevant authorised person” here means a person who is an authorised person for the purposes of the [1986 c. 60.] Financial Services Act 1986 by virtue of section 31 of that Act.

(2)In section 151 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 (personal equity plans) the following subsection shall be inserted after subsection (2)—

(2A)Section 333A of the Taxes Act (personal equity plans: tax representatives) shall apply in relation to regulations under subsection (1) above as it applies in relation to regulations under section 333 of that Act.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources