The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001
PART 1INTRODUCTORY
1Citation and commencement
2Interpretation
PART 2AMENDMENTS TO PRIMARY LEGISLATION
The Taxes Management Act 1970 (c. 9)
3Returns and other information: stock jobbers' transactions
The Finance Act 1970 (c. 24)
4Composition agreements in relation to stamp duty
The Inheritance Tax Act 1984 (c. 51)
5Settled property: qualifying interests in possession
The Finance Act 1986 (c. 41)
6Introduction
7Stamp duty: intermediaries
8Stamp duty: interpretation of sections 81, 82 and 84
9Stamp duty reserve tax: intermediaries
10Stamp duty reserve tax: interpretation
11Inheritance tax: power to amend definitions of “market maker”
12Power to modify section 21 of the Taxes Management Act 1970: definition of recognised investment exchange
The Income and Corporation Taxes Act 1988 (c. 1)
13Introduction
14Transfers of insurance business
15Insurance business: application of sections 43A to 43E of the Taxes Act
16Tax treatment of levies and repayments
17PAYE: readily convertible assets
18Relief on life assurance premiums
19Interest under contractual savings schemes
20Tax-exempt special savings accounts
21Personal equity plans: tax representatives
22Involvement of insurance companies with plans and accounts
23Mortgage interest relief: qualifying lenders
24Mortgage interest relief: register of qualifying lenders
25Mortgage interest relief: interpretation
26Interpretative provisions relating to insurance companies
27Power to amend the Tax Acts so far as relating to insurance companies
28Transfer of assets etc.
29Effect of transfer of insurance business
30Equalisation reserves
31Capital redemption business
32Friendly societies: exemption from tax in respect of life or endowment business
33Taxation in respect of other business
34Taxation in respect of other business: incorporated friendly societies qualifying for exemption
35Taxation in respect of other business: incorporated friendly societies etc.
36Taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society
37Interpretation of Chapter 2 of Part 12
38Authorised unit trusts: interest distributions
39Interest payments: meaning of deposit-taker
40Gifts of shares and securities to charities etc.
41Establishment of schemes
42Pension schemes etc.: meaning of insurance company
43Power to modify section 735 to take account of recognised investment exchanges
44Amendment of return where general insurance business of foreign company accounted for on a non-annual basis
45Material interests in offshore funds
46Interpretation: meaning of “bank”
47Qualifying policies
48Contractual savings schemes: relevant European institutions
49Overseas life insurance companies
50Charities: qualifying investments
51Apportionment in relation to foreign controlled company: exempt activities
52Miscellaneous amendments
The Finance Act 1988 (c. 39)
53Meaning of “financial trading stock” in relation to a building society
The Finance Act 1989 (c. 26)
54Introduction
55Calculation of profits
56Computation of profits of life assurance companies
57Meaning of “brought into account”
58Policy holders' share of profits
59Modification of section 83A in relation to overseas life insurance companies
60Miscellaneous amendments
The Taxation of Chargeable Gains Act 1992 (c. 12)
61Introduction
62Unit trust schemes
63Qualifying corporate bonds: meaning of permanent interest bearing share
64Commodity and financial futures etc.
65Options and forfeited deposits
66Transfer of insurance business
67Spreading of gains and losses accruing as a result of deemed disposal under section 212
68Gains not eligible for taper relief
69Application of Act to recognised investment exchanges
70Interpretation
71Application of taper relief: special rules for assets acquired in the reconstruction of mutual businesses etc.
72Overseas life insurance companies
73Miscellaneous amendments
The Finance (No. 2) Act 1992 (c. 48)
74Special provisions in relation to banks etc. in compulsory liquidation
The Finance Act 1993 (c. 34)
75Introduction
76Deferral of unrealised gains
77Early termination of currency contract
78Insurance companies
79Interpretation
80Exchange gains and losses: alternative calculations
81Exchange gains and losses: chargeable gains
82Miscellaneous amendments
The Finance Act 1994 (c. 9)
83Introduction
84Interest rate and currency contracts
85Interpretation
86Provisions relating to the Railways Act 1993
87Miscellaneous amendments
The Finance Act 1995 (c. 4)
88Introduction
89Persons not treated as UK representatives
90Open-ended investment companies
91Contractual savings schemes
The Finance Act 1996 (c. 8)
92Introduction
93Mis-sold personal pensions
94Loan relationships: continuity of treatment
95Loan relationships: collective investment schemes
96Miscellaneous amendments
The Finance Act 1997 (c. 16)
97Introduction
98Payments under certain life insurance policies
99Stamp duty: mergers of authorised unit trusts
100Stamp duty: demutualisation of insurance companies
101Stamp duty reserve tax: mergers of authorised unit trusts
102Leasing arrangements—finance leases and loans
The Finance Act 1998 (c. 36)
103Company tax returns: insurance companies and friendly societies with non-annual actuarial investigations
The Finance Act 1999 (c. 16)
104Stamp duty and stamp duty reserve tax: meaning of unit trust scheme
The Finance Act 2000 (c. 17)
105Introduction
106General insurance reserves
107Employee share ownership plans
The Capital Allowance Act 2001 (c. 2)
108Transfer of insurance company business
Consequential repeals and revocations
109Repeals and revocations in consequence of the amendments made by this Part
PART 3AMENDMENTS TO SECONDARY LEGISLATION
The Income Tax (Life Assurance Premium Relief) Regulations 1978 (S.I. 1978/1159)
110Interpretation
The Friendly Societies (Life Assurance Premium Relief) (Change of Rate) Regulations 1980 (S.I. 1980/1947)
111Interpretation
The Stamp Duty Reserve Tax Regulations 1986 (S.I. 1986/1711)
112Introduction
113Interpretation
114Notice of charge and payment
115The Taxes Management Act 1970: provisions to apply
The Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/266)
116Interpretation
The Income Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/267)
117Interpretation
The Stamp Duty and Stamp Duty Reserve Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/268)
118Interpretation
The Occupational Pension Schemes (Transitional Provisions) Regulations 1988 (S.I. 1988/1436)
119Disapplication of paragraphs 2, 3, 4 and 6 of Schedule 23 to the Income and Corporation Taxes Act 1988—further provision
The Personal Equity Plan Regulations 1989 (S.I. 1989/469)
120Introduction
121Interpretation
122General investment rules
123Qualifying investments
124Plan manager—qualifications and Board’s approval
125Returns of information by plan manager
The Retirement Benefits Schemes (Tax Relief on Contributions) (Disapplication of Earnings Cap) Regulations 1990 (S.I. 1990/586)
126Mis-sold pension contracts—further disapplication of paragraphs 5(4) and 6(5) of Schedule 6 to the Finance Act 1989
The Retirement Benefits Schemes (Continuation of Rights of Members of Approved Schemes) Regulations 1990 (S.I. 1990/2101)
127Interpretation
The Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 (S.I. 1990/2231)
128Gross payments
The Tax-exempt Special Savings Account Regulations 1990 (S.I. 1990/2361)
129Introduction
130Interpretation
131Notification by society or institution of intention to operate accounts
132Society or institution ceasing to be entitled to operate accounts
133Miscellaneous amendments
The Debts of Overseas Governments (Determination of Relevant Percentage) Regulations 1990 (S.I. 1990/2529)
134A, B and C factors: introductory
The Inheritance Tax (Market Makers) Regulations 1992 (S.I. 1992/3181)
135Modification of sections 105(7) and 234(4) of the Inheritance Tax Act 1984
The Income Tax (Prescribed Deposit-takers) Order 1992 (S.I. 1992/3234)
136Meaning of European deposit-taker
The Exchange Gains and Losses (Alternative Method of Calculation of Gain or Loss) Regulations 1994 (S.I. 1994/3227)
137Settlement and replacement of debts
The Exchange Gains and Losses (Insurance Companies) Regulations 1994 (S.I. 1994/3231)
138Specified assets
The Lloyd’s Underwriters (Tax) Regulations 1995 (S.I. 1995/351)
139Cessation of individual member’s underwriting business—terminal loss relief
The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 (S.I. 1995/1730)
140Prescribed percentage rates of return
The Retirement Benefits Schemes (Information Powers) Regulations 1995 (S.I. 1995/3103)
141Reporting of chargeable events
The Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 (S.I. 1995/3237)
142Miscellaneous amendments
the Capital Gains Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1583)
143Interpretation
The Stamp Duty and Stamp Duty Reserve Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1584)
144Interpretation
The Income Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1585)
145Interpretation
the Insurance Companies (Reserves) (Tax) Regulations 1996 (S.I. 1996/2991)
146Introduction
147Interpretation
148Non-annual accounts: tax returns prepared on an annual basis
149EEA firms and Treaty firms
150Certain business carried on outside the United Kingdom
151Miscellaneous amendments
The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)
152Introduction
153Interpretation
154Modifications of section 12 of the Income and Corporation Taxes Act 1988
155Modification of section 76(7) of the Income and Corporation Taxes Act 1988
156Modifications of section 431 of the Income and Corporation Taxes Act 1988
157Modifications of section 432A of the Income and Corporation Taxes Act 1988
158Modifications of section 440 of the Income and Corporation Taxes Act 1988
159Modifications of section 444A of the Income and Corporation Taxes Act 1988
160Modifications of section 83 of the Finance Act 1989
161Modifications of section 211 of the Taxation of Chargeable Gains Act 1992
162Modifications of section 213 of the Taxation of Chargeable Gains Act 1992
163Modifications of paragraph 12 of Schedule 9 to the Finance Act 1996
164Modification of paragraph 18 of Schedule 12 to the Finance Act 1997
165Miscellaneous amendments
The Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154)
166Modifications of section 468 of the Income and Corporation Taxes Act 1988
The Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997 (S.I. 1997/1156)
167Interpretation
The Individual Savings Account Regulations 1998 (S.I. 1998/1870)
168Introduction
169Interpretation
170Transfers from matured tax-exempt special savings accounts
171General investment rules
172Qualifying investments for a stocks and shares component
173Qualifying investments for a cash component
174Qualifying investments for an insurance component
175Account manager—qualifications and Board’s approval
176Account manager ceasing to qualify
177Returns of information by account manager
178Capital gains tax—adaptation of enactments
The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)
179Tax credits on distributions to insurance companies
The Controlled Foreign Companies (Excluded Countries) Regulations 1998 (S.I. 1998/3081)
180Interpretation
The Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175)
181Anti-avoidance provision
The Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1999 (S.I. 1999/622)
182Substitution of paragraph 1(5) of Schedule 19AB
The Personal Portfolio Bonds (Tax) Regulations 1999 (S.I. 1999/1029)
183Introduction
184Interpretation
185Definition of personal portfolio bond (applying to all policies or contracts whenever issued or made)
The Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) Regulations 1999 (S.I. 1999/2383)
186Interpretation
The Insurance Companies (Overseas Life Assurance Business) (Excluded Business) Regulations 2000 (S.I. 2000/2089)
187Interpretation
The Personal Pension Schemes (Information Powers) Regulations 2000 (S.I. 2000/2316)
188Annuity contracts
The Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001 (S.I. 2001/117)
189Interpretation
The Social Security (Contributions) Regulations 2001 (S.I. 2001/1004)
190Introduction
191Calculation of earnings for the purposes of earnings-related contributions in particular cases
192Payments to be disregarded in the calculation of earnings for the purposes of earnings-related contributions
The General Insurance Reserves (Tax) Regulations 2001 (S.I. 2001/1757)
193Provisions supplementing regulation 3
SCHEDULEREPEALS IN CONSEQUENCE OF THE AMENDMENTS MADE BY PART 2 OF THIS ORDER

2001 No. 3629

FINANCIAL SERVICES AND MARKETS

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

Made

Laid before Parliament

Coming into force

The Treasury, in exercise of the powers conferred upon them by sections 426 to 428 of the Financial Services and Markets Act 20001, hereby make the following Order: