Section 705 Certification of arrangements

United Kingdom

(1)

A linked savings arrangement is certified under this section if it is certified by the F1Commissioners —

(a)

as a linked savings arrangement, and

(b)

in the case of an institutional arrangement, as meeting such requirements as the Treasury may specify for the purposes of this Chapter.

(2)

The requirements which may be specified under subsection (1)(b) are such requirements as the F2Commissioners consider appropriate.

(3)

They may, in particular, relate to—

(a)

the descriptions of individuals who may enter into contracts under an arrangement,

(b)

the contributions to be paid by them, and

(c)

the sums to be paid or repaid to them.

(4)

Different requirements may be specified for—

(a)

bank arrangements,

(b)

building society arrangements, and

(c)

European authorised institution arrangements.

F3(5)

In this Chapter “the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs.

Annotations

F1: Word in s. 705(1) substituted (retrospective to 29.4.2009) by Finance Act 2009 (c. 10), s. 50(2), Sch. 26 para. 2(2)
F2: Word in s. 705(2) substituted (retrospective to 29.4.2009) by Finance Act 2009 (c. 10), s. 50(2), Sch. 26 para. 2(2)
F3: S. 705(5) inserted (retrospective to 29.4.2009) by Finance Act 2009 (c. 10), s. 50(2), Sch. 26 para. 2(3)