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

S.I. 2001/3629 · Made 8 November 2001 · Extends to United Kingdom

Contents

1. Part 1: INTRODUCTORY
2. 1Citation and commencement
3. 2Interpretation
4. Part 2: AMENDMENTS TO PRIMARY LEGISLATION
5. The Taxes Management Act 1970 (c. 9)
6. 3Returns and other information: stock jobbers' transactions
7. The Finance Act 1970 (c. 24)
8. 4Composition agreements in relation to stamp duty
9. The Inheritance Tax Act 1984 (c. 51)
10. 5Settled property: qualifying interests in possession
11. The Finance Act 1986 (c. 41)
12. 6Introduction
13. 7Stamp duty: intermediaries
14. 8Stamp duty: interpretation of sections 81, 82 and 84
15. 9Stamp duty reserve tax: intermediaries
16. 10Stamp duty reserve tax: interpretation
17. 11Inheritance tax: power to amend definitions of “market maker”
18. 12Power to modify section 21 of the Taxes Management Act 1970: definition of recognised investment exchange
19. The Income and Corporation Taxes Act 1988 (c. 1)
20. 13Introduction
21. 14Transfers of insurance business Repealed
22. 15Insurance business: application of sections 43A to 43E of the Taxes Act
23. 16Tax treatment of levies and repayments
24. 17PAYE: readily convertible assets
25. 18Relief on life assurance premiums
26. 19Interest under contractual savings schemes Repealed
27. 20Tax-exempt special savings accounts Repealed
28. 21Personal equity plans: tax representatives Repealed
29. 22Involvement of insurance companies with plans and accounts
30. 23Mortgage interest relief: qualifying lenders
31. 24Mortgage interest relief: register of qualifying lenders
32. 25Mortgage interest relief: interpretation
33. 26Interpretative provisions relating to insurance companies
34. 27Power to amend the Tax Acts so far as relating to insurance companies
35. 28Transfer of assets etc.
36. 29Effect of transfer of insurance business
37. 30Equalisation reserves
38. 31Capital redemption business
39. 32Friendly societies: exemption from tax in respect of life or endowment business
40. 33Taxation in respect of other business
41. 34Taxation in respect of other business: incorporated friendly societies qualifying for exemption
42. 35Taxation in respect of other business: incorporated friendly societies etc.
43. 36Taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society
44. 37Interpretation of Chapter 2 of Part 12
45. 38Authorised unit trusts: interest distributions
46. 39Interest payments: meaning of deposit-taker Repealed
47. 40Gifts of shares and securities to charities etc.
48. 41Establishment of schemes
49. 42Pension schemes etc.: meaning of insurance company
50. 43Power to modify section 735 to take account of recognised investment exchanges
51. 44Amendment of return where general insurance business of foreign company accounted for on a non-annual basis
52. 45Material interests in offshore funds
53. 46Interpretation: meaning of “bank”
54. 47Qualifying policies
55. 48Contractual savings schemes: relevant European institutions Repealed
56. 49Overseas life insurance companies Repealed
57. 50Charities: qualifying investments
58. 51Apportionment in relation to foreign controlled company: exempt activities
59. 52Miscellaneous amendments
60. The Finance Act 1988 (c. 39)
61. 53Meaning of “financial trading stock” in relation to a building society
62. The Finance Act 1989 (c. 26)
63. 54Introduction
64. 55Calculation of profits
65. 56Computation of profits of life assurance companies
66. 57Meaning of “brought into account”
67. 58Policy holders' share of profits
68. 59Modification of section 83A in relation to overseas life insurance companies Repealed
69. 60Miscellaneous amendments
70. The Taxation of Chargeable Gains Act 1992 (c. 12)
71. 61Introduction
72. 62Unit trust schemes
73. 63Qualifying corporate bonds: meaning of permanent interest bearing share
74. 64Commodity and financial futures etc.
75. 65Options and forfeited deposits
76. 66Transfer of insurance business
77. 67Spreading of gains and losses accruing as a result of deemed disposal under section 212
78. 68Gains not eligible for taper relief
79. 69Application of Act to recognised investment exchanges
80. 70Interpretation
81. 71Application of taper relief: special rules for assets acquired in the reconstruction of mutual businesses etc.
82. 72Overseas life insurance companies Repealed
83. 73Miscellaneous amendments
84. The Finance (No. 2) Act 1992 (c. 48)
85. 74Special provisions in relation to banks etc. in compulsory liquidation
86. The Finance Act 1993 (c. 34)
87. 75Introduction
88. 76Deferral of unrealised gains
89. 77Early termination of currency contract
90. 78Insurance companies
91. 79Interpretation
92. 80Exchange gains and losses: alternative calculations
93. 81Exchange gains and losses: chargeable gains
94. 82Miscellaneous amendments
95. The Finance Act 1994 (c. 9)
96. 83Introduction
97. 84Interest rate and currency contracts
98. 85Interpretation
99. 86Provisions relating to the Railways Act 1993
100. 87Miscellaneous amendments
101. The Finance Act 1995 (c. 4)
102. 88Introduction
103. 89Persons not treated as UK representatives Repealed
104. 90Open-ended investment companies
105. 91Contractual savings schemes Repealed
106. The Finance Act 1996 (c. 8)
107. 92Introduction
108. 93Mis-sold personal pensions
109. 94Loan relationships: continuity of treatment
110. 95Loan relationships: collective investment schemes
111. 96Miscellaneous amendments
112. The Finance Act 1997 (c. 16)
113. 97Introduction
114. 98Payments under certain life insurance policies
115. 99Stamp duty: mergers of authorised unit trusts
116. 100Stamp duty: demutualisation of insurance companies
117. 101Stamp duty reserve tax: mergers of authorised unit trusts
118. 102Leasing arrangements—finance leases and loans
119. The Finance Act 1998 (c. 36)
120. 103Company tax returns: insurance companies and friendly societies with non-annual actuarial investigations
121. The Finance Act 1999 (c. 16)
122. 104Stamp duty and stamp duty reserve tax: meaning of unit trust scheme
123. The Finance Act 2000 (c. 17)
124. 105Introduction
125. 106General insurance reserves
126. 107Employee share ownership plans Repealed
127. The Capital Allowance Act 2001 (c. 2)
128. 108Transfer of insurance company business
129. Consequential repeals and revocations
130. 109Repeals and revocations in consequence of the amendments made by this Part
131. Part 3: AMENDMENTS TO SECONDARY LEGISLATION
132. The Income Tax (Life Assurance Premium Relief) Regulations 1978 (S.I. 1978/1159)
133. 110Interpretation
134. The Friendly Societies (Life Assurance Premium Relief) (Change of Rate) Regulations 1980 (S.I. 1980/1947)
135. 111Interpretation
136. The Stamp Duty Reserve Tax Regulations 1986 (S.I. 1986/1711)
137. 112Introduction
138. 113Interpretation
139. 114Notice of charge and payment
140. 115The Taxes Management Act 1970: provisions to apply
141. The Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/266)
142. 116Interpretation
143. The Income Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/267)
144. 117Interpretation
145. The Stamp Duty and Stamp Duty Reserve Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/268)
146. 118Interpretation
147. The Occupational Pension Schemes (Transitional Provisions) Regulations 1988 (S.I. 1988/1436)
148. 119Disapplication of paragraphs 2, 3, 4 and 6 of Schedule 23 to the Income and Corporation Taxes Act 1988—further provision
149. The Personal Equity Plan Regulations 1989 (S.I. 1989/469)
150. 120Introduction
151. 121Interpretation
152. 122General investment rules
153. 123Qualifying investments
154. 124Plan manager—qualifications and Board’s approval
155. 125Returns of information by plan manager
156. The Retirement Benefits Schemes (Tax Relief on Contributions) (Disapplication of Earnings Cap) Regulations 1990 (S.I. 1990/586)
157. 126Mis-sold pension contracts—further disapplication of paragraphs 5(4) and 6(5) of Schedule 6 to the Finance Act 1989
158. The Retirement Benefits Schemes (Continuation of Rights of Members of Approved Schemes) Regulations 1990 (S.I. 1990/2101)
159. 127Interpretation
160. The Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 (S.I. 1990/2231)
161. 128Gross payments
162. The Tax-exempt Special Savings Account Regulations 1990 (S.I. 1990/2361)
163. 129Introduction
164. 130Interpretation
165. 131Notification by society or institution of intention to operate accounts
166. 132Society or institution ceasing to be entitled to operate accounts
167. 133Miscellaneous amendments
168. The Debts of Overseas Governments (Determination of Relevant Percentage) Regulations 1990 (S.I. 1990/2529)
169. 134A, B and C factors: introductory
170. The Inheritance Tax (Market Makers) Regulations 1992 (S.I. 1992/3181)
171. 135Modification of sections 105(7) and 234(4) of the Inheritance Tax Act 1984
172. The Income Tax (Prescribed Deposit-takers) Order 1992 (S.I. 1992/3234)
173. 136Meaning of European deposit-taker Repealed
174. The Exchange Gains and Losses (Alternative Method of Calculation of Gain or Loss) Regulations 1994 (S.I. 1994/3227)
175. 137Settlement and replacement of debts
176. The Exchange Gains and Losses (Insurance Companies) Regulations 1994 (S.I. 1994/3231)
177. 138Specified assets
178. The Lloyd’s Underwriters (Tax) Regulations 1995 (S.I. 1995/351)
179. 139Cessation of individual member’s underwriting business—terminal loss relief
180. The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 (S.I. 1995/1730)
181. 140Prescribed percentage rates of return
182. The Retirement Benefits Schemes (Information Powers) Regulations 1995 (S.I. 1995/3103)
183. 141Reporting of chargeable events
184. The Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 (S.I. 1995/3237)
185. 142Miscellaneous amendments
186. the Capital Gains Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1583)
187. 143Interpretation
188. The Stamp Duty and Stamp Duty Reserve Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1584)
189. 144Interpretation
190. The Income Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1585)
191. 145Interpretation
192. the Insurance Companies (Reserves) (Tax) Regulations 1996 (S.I. 1996/2991)
193. 146Introduction
194. 147Interpretation
195. 148Non-annual accounts: tax returns prepared on an annual basis
196. 149EEA firms and Treaty firms
197. 150Certain business carried on outside the United Kingdom
198. 151Miscellaneous amendments
199. The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)
200. 152Introduction Repealed
201. 153Interpretation Repealed
202. 154Modifications of section 12 of the Income and Corporation Taxes Act 1988 Repealed
203. 155Modification of section 76(7) of the Income and Corporation Taxes Act 1988 Repealed
204. 156Modifications of section 431 of the Income and Corporation Taxes Act 1988 Repealed
205. 157Modifications of section 432A of the Income and Corporation Taxes Act 1988 Repealed
206. 158Modifications of section 440 of the Income and Corporation Taxes Act 1988 Repealed
207. 159Modifications of section 444A of the Income and Corporation Taxes Act 1988 Repealed
208. 160Modifications of section 83 of the Finance Act 1989 Repealed
209. 161Modifications of section 211 of the Taxation of Chargeable Gains Act 1992 Repealed
210. 162Modifications of section 213 of the Taxation of Chargeable Gains Act 1992 Repealed
211. 163Modifications of paragraph 12 of Schedule 9 to the Finance Act 1996 Repealed
212. 164Modification of paragraph 18 of Schedule 12 to the Finance Act 1997 Repealed
213. 165Miscellaneous amendments Repealed
214. The Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154)
215. 166Modifications of section 468 of the Income and Corporation Taxes Act 1988
216. The Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997 (S.I. 1997/1156)
217. 167Interpretation
218. The Individual Savings Account Regulations 1998 (S.I. 1998/1870)
219. 168Introduction
220. 169Interpretation
221. 170Transfers from matured tax-exempt special savings accounts
222. 171General investment rules
223. 172Qualifying investments for a stocks and shares component
224. 173Qualifying investments for a cash component
225. 174Qualifying investments for an insurance component
226. 175Account manager—qualifications and Board’s approval
227. 176Account manager ceasing to qualify
228. 177Returns of information by account manager
229. 178Capital gains tax—adaptation of enactments
230. The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)
231. 179Tax credits on distributions to insurance companies
232. The Controlled Foreign Companies (Excluded Countries) Regulations 1998 (S.I. 1998/3081)
233. 180Interpretation
234. The Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175)
235. 181Anti-avoidance provision
236. The Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1999 (S.I. 1999/622)
237. 182Substitution of paragraph 1(5) of Schedule 19AB
238. The Personal Portfolio Bonds (Tax) Regulations 1999 (S.I. 1999/1029)
239. 183Introduction
240. 184Interpretation
241. 185Definition of personal portfolio bond (applying to all policies or contracts whenever issued or made)
242. The Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) Regulations 1999 (S.I. 1999/2383)
243. 186Interpretation Repealed
244. The Insurance Companies (Overseas Life Assurance Business) (Excluded Business) Regulations 2000 (S.I. 2000/2089)
245. 187Interpretation
246. The Personal Pension Schemes (Information Powers) Regulations 2000 (S.I. 2000/2316)
247. 188Annuity contracts
248. The Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001 (S.I. 2001/117)
249. 189Interpretation
250. The Social Security (Contributions) Regulations 2001 (S.I. 2001/1004)
251. 190Introduction
252. 191Calculation of earnings for the purposes of earnings-related contributions in particular cases
253. 192Payments to be disregarded in the calculation of earnings for the purposes of earnings-related contributions
254. The General Insurance Reserves (Tax) Regulations 2001 (S.I. 2001/1757)
255. 193Provisions supplementing regulation 3
256. Signature
257. Schedule REPEALS IN CONSEQUENCE OF THE AMENDMENTS MADE BY PART 2 OF THIS ORDER
258. Explanatory note