Paragraph 3 C1

United Kingdom

(1)

For the purposes of paragraph 2 above a company holds currency in exempt circumstances at a given time if—

(a)

the purposes for which it then holds the currency are or include any of the purposes mentioned in sub-paragraph (2) below,

(b)

it is a housing association approved at that time for the purposes of section 488 of the Taxes Act 1988, or

(c)

it is a self-build society approved at that time for the purposes of section 489 of that Act.

(2)

The purposes referred to in sub-paragraph (1)(a) above are—

(a)

the purposes of F1long-term insurance business;

(b)

the purposes of mutual insurance business;

(c)

the purposes of the occupation of commercial woodlands.

(3)

In this paragraph—

F2“long-term insurance business” means business which consists of the effecting or carrying out of contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
“commercial woodlands” means woodlands in the United Kingdom which are managed on a commercial basis and with a view to the realisation of profits.

Annotations

F1: Words in Sch. 17 para. 3(2)(a) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 81(2)(a)
F2: Definition in Sch. 17 para. 3(3) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 81(2)(b)

C1: Sch. 17 para. 3 applied (with modifications) (29.4.1996) by 1992 c. 12, ss. 117A, 117B (as inserted (29.4.1996) by 1996 c. 8, s. 104, Sch. 14 para. 62)

F1: Sch. 17 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23 ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)