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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

Subsection (1) of section 632 of the Income and Corporation Taxes Act 1988 provides that the Board of Inland Revenue may only approve personal pension schemes that are established by persons listed in the subsection.

This Order adds two categories to the list of persons in the subsection. The first category is that of EC insurance companies (within the meaning given by section 2(6) of the Insurance Companies Act 1982) that lawfully carry on long term business, or lawfully provide long term insurance, in the United Kingdom. The second category is that of European institutions (within the meaning of the Banking Coordination (Second Council Directive) Regulations 1992) that carry on deposit-taking and certain other investment activities in the United Kingdom in conformity with those Regulations.