Source: http://www.legislation.gov.uk/uksi/2001/3629/body/made
Timestamp: 2014-10-20 11:34:16
Document Index: 255845432

Matched Legal Cases: ['ART 1', 'arts 1', 'art 3', 'arts 1', 'ART 2', 'art 4', 'art 17', 'art 4', 'art 19']

Skip to main contentSkip to navigationlegislation.gov.ukThe National ArchivesHelpSite MapAccessibilityContact UsCymraegHomeAbout UsBrowse LegislationNew LegislationChanges To LegislationSearch LegislationSearch LegislationTitle: (or keywords in the title)Year:Number:Type:All Legislation (excluding draft)All Primary Legislation UK Public General Acts UK Local Acts Acts of the Scottish Parliament Acts of the National Assembly for Wales Measures of the National Assembly for Wales Church Measures Acts of the Northern Ireland Assembly Acts of the Old Scottish Parliament Acts of the English Parliament Acts of the Old Irish Parliament Acts of the Parliament of Great Britain Northern Ireland Orders in Council Measures of the Northern Ireland Assembly Acts of the Northern Ireland ParliamentAll Secondary Legislation UK Statutory Instruments Wales Statutory Instruments Scottish Statutory Instruments Northern Ireland Statutory Rules Church Instruments UK Ministerial Orders UK Statutory Rules and OrdersAll Draft Legislation UK Draft Statutory Instruments Scottish Draft Statutory Instruments Northern Ireland Draft Statutory RulesAll Impact Assessments UK Impact AssessmentsSearchAdvanced SearchThe Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001You are here:2001 No. 3629Whole Instrument without SchedulesTable of ContentsContentMore ResourcesPrevious: IntroductionNext: SchedulePlain ViewPrint OptionsWhat VersionLatest available (Revised)Original (As made)Opening OptionsOpen whole InstrumentOpen Instrument without schedulesOpen Schedules onlyMore ResourcesOriginal Print PDFView moreStatus:This is the original version (as it was originally made). This item of legislation is currently only available in its original format.PART 1INTRODUCTORYCitation and commencement1. (1) This Order may be cited as the Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001.
(2) Subject to any express provision as to the effect of the provisions of this Order—
(a)Parts 1 and 2 shall come into force on 1st December 2001 immediately after the coming into force of sections 411 and 432(1) of, and Schedule 20 to, the Financial Services and Markets Act 2000;
(b)Part 3 shall come into force on 1st December 2001 immediately after the coming into force of Parts 1 and 2 of this Order.
“chargeable securities” has the meaning given by section 99(3) to (12) of the Finance Act 1986(1);
“instrument” has the meaning given by section 122(1) of the Stamp Act 1891(2);
“period of account” has the meaning given by section 834(1) of the Income and Corporation Taxes Act 1988(3).
PART 2AMENDMENTS TO PRIMARY LEGISLATIONThe Taxes Management Act 1970 (c. 9)Returns and other information: stock jobbers' transactions3. In section 21(7) of the Taxes Management Act 1970(4) in the definition of “broker” for “of the Financial Services Act 1986” substitute “given by section 285(1)(a) of the Financial Services and Markets Act 2000”.
The Finance Act 1970 (c. 24)Composition agreements in relation to stamp duty4. (1) Amend section 33 of the Finance Act 1970(5) (composition agreements by certain bodies in relation to stamp duty chargeable on transfers of securities) as follows.
(a)for “recognised stock exchange” in the first place where it occurs substitute “recognised investment exchange or recognised clearing house”;
(b)omit the definition of “recognised stock exchange”.
(3) In subsections (2)(b), (c) and (d), (4) and (5) for “stock exchange” substitute “recognised investment exchange or recognised clearing house”.
(4) After subsection (6) add—
“(7) In this section “recognised investment exchange” and “recognised clearing house” have the meanings given by section 285(1) of the Financial Services and Markets Act 2000.”.
The Inheritance Tax Act 1984 (c. 51)Settled property: qualifying interests in possession5. (1) Amend section 59 of the Inheritance Tax Act 1984 (conditions to be met in relation to qualifying interests in possession)(6) as follows.
(2) In subsection (3)(b) for the words from “either” to the end substitute
“has permission—
(i)under Part 4 of the Financial Services and Markets Act 2000, or
(ii)under paragraph 15 of Schedule 3 to that Act(7) (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule),
to effect or carry out contracts of long-term insurance.”.
“(4) In subsection (3)(b) above “contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(8).”.
(4) This Article has effect in relation to the making, on an anniversary or other occasion on or after 1st December 2001, of any charge to tax under section 64 or 65 of the Inheritance Tax Act 1984.
The Finance Act 1986 (c. 41)Introduction6. Amend the Finance Act 1986 in accordance with Articles 7 to 12.
Stamp duty: intermediaries7. (1) Amend section 80B(2) (intermediaries: provisions supplementary to section 80A)(9) as follows.
(2) In the definition of “collective investment scheme” for “75 of the Financial Services Act 1986” substitute “235 of the Financial Services and Markets Act 2000”.
(3) For the definition of “insurance business” substitute—
““insurance business” means business which consists of the effecting or carrying out of contracts of insurance and, for the purposes of this definition, “contract of insurance” has the meaning given in Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
“the operator”, in relation to a collective investment scheme, shall be construed in accordance with section 237(2) of the Financial Services and Markets Act 2000;”.
(4) For the definition of “trustee” and “the operator” substitute—
““trustee”, in relation to a collective investment scheme, means a trustee or a depositary within the meaning given in section 237(2) of the Financial Services and Markets Act 2000.”.
(5) This Article has effect in relation to any instrument executed on or after 1st December 2001.
Stamp duty: interpretation of sections 81, 82 and 848. (1) Amend section 85(5) of the Finance Act 1986 (supplementary provisions) as follows.
(2) In paragraph (b) for “of the Financial Services Act 1986” substitute “given by section 285(1)(a) of the Financial Services and Markets Act 2000”.
(3) In paragraph (c) for “of the Financial Services Act 1986” substitute “given by section 285(1)(b) of the Financial Services and Markets Act 2000”.
(4) This Article has effect in relation to any instrument executed on or after 1st December 2001.
Stamp duty reserve tax: intermediaries9. (1) Amend section 88B(2) (provisions supplementary to section 88A)(10) as follows.
““insurance business” means business which consists of the effecting or carrying out of contracts of insurance and, for the purposes of this definition, “contract of insurance” has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
(5) This Article has effect in relation to—
(a)an agreement to transfer chargeable securities which is not conditional, if the agreement is made on or after 1st December 2001;
(b)a conditional agreement to transfer such securities, if the condition is satisfied on or after that date.
Stamp duty reserve tax: interpretation10. (1) In section 99(5B) (interpretation)(11) for the words from “In this subsection” to the end substitute “In this subsection “an authorised unit trust scheme”, “collective investment scheme” and “an open-ended investment company” have the same meanings as in Part 17 of the Financial Services and Markets Act 2000.”.
(2) This Article has effect in relation to—
Inheritance tax: power to amend definitions of “market maker”11. In sections 106(4)(a) and 107(4)(a) (power to amend sections 105(7) and 234(4) of the Inheritance Tax Act 1984) for “of the Financial Services Act 1986” substitute “given by section 285(1)(a) of the Financial Services and Markets Act 2000”.
Power to modify section 21 of the Taxes Management Act 1970: definition of recognised investment exchange12. In paragraph 10(2) of Schedule 18 (definition of recognised investment exchange) for “of the Financial Services Act 1986” substitute “given by section 285(1)(a) of the Financial Services and Markets Act 2000”.
The Income and Corporation Taxes Act 1988 (c. 1)Introduction13. Amend the Income and Corporation Taxes Act 1988 in accordance with Articles 14 to 52.
Transfers of insurance business14. (1) Amend section 12 (basis of, and periods for, assessment)(12), as follows.
(2) In subsection (7A) for the words from “there” to “1982” substitute “an insurance business transfer scheme has effect to transfer from a company to another person business which consists of the effecting or carrying out of contracts of long-term insurance”.
(3) After subsection (7A) insert—
“(7B) In subsection (7A) above—
“contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and
“insurance business transfer scheme” means a scheme falling within section 105 of the Financial Services and Markets Act 2000 and—
(a)includes an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section, but
(b)does not include a scheme for the transfer of business carried on by one or members or former underwriting members of Lloyd's.”.
Insurance business: application of sections 43A to 43E of the Taxes Act15. (1) In section 43F(1) (insurance business)(13) for “Part II of the Insurance Companies Act 1982(14)” substitute “Chapter 9 of the Prudential Sourcebook (Insurers)”.
(2) This Article has effect in relation to periods of account ending on or after 1st December 2001.
Tax treatment of levies and repayments16. (1) Omit section 76(7) and (7A) (expenses of management: insurance companies)(15).
(2) Amend section 76A (levies and repayments under the Financial Services and Markets Act 2000)(16) in accordance with paragraphs (3) to (5) below.
“(2) “Levy” means—
(a)a payment required under rules made under section 136(2) of the Financial Services and Markets Act 2000 (“the Act of 2000”);
(b)a levy imposed under the Financial Services Compensation Scheme;
(c)a payment required under rules made under section 234 of the Act of 2000;
(d)a payment required under scheme rules in accordance with paragraph 15(1) of Schedule 17 to the Act of 2000;
(e)a payment required in accordance with the standard terms fixed under paragraph 18 of Schedule 17 to the Act of 2000 other than an award which is not an award of costs under cost rules.”.
“(3) “Repayment provision” means—
(a)any provision made by virtue of section 136(7) or 214(1)(e) of the Act of 2000;
(b)any provision by scheme rules for fees to be refunded in specified circumstances.”.
(5) After subsection (4) add—
“(5) “Scheme rules” means the rules referred to in paragraph 14(1) of Schedule 17 to the Act of 2000.
(6) “Costs rules” means—
(a)rules made under section 230 of the Act of 2000;
(b)provision relating to costs contained in the standard terms fixed under paragraph 18 of Schedule 17 to the Act of 2000.”.
(6) Amend section 76B (levies and repayments under the Financial Services and Markets Act 2000: investment companies) in accordance with paragraphs (7) and (8) below.
(7) In subsection (3) for “76(7A)” substitute “76A(2)”.
(8) For subsection (4) substitute—
“(4) “Costs rules” has the meaning given in section 76A(6).”.
PAYE: readily convertible assets17. (1) Amend section 203F (PAYE: readily convertible assets)(17) as follows.
(2) In subsection (2)(a) for “of the Financial Services Act 1986” substitute “given by section 285(1)(a) of the Financial Services and Markets Act 2000”.
(3) In subsection (5) for the words from “right” to the end substitute “investment of a kind specified in Part III of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.
Relief on life assurance premiums18. (1) Amend section 266 (relief on life assurance premiums)(18) as follows.
(2) In subsection (2)(a) for sub-paragraphs (i) to (iii) substitute—
“(i)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 or under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance; or
(ii)a member of the Society who effects or carries out contracts of long-term insurance in accordance with Part 19 of the Financial Services and Markets Act 2000;”.
(3) After subsection (13) add—
“(14) In subsection (2)(a)—
“member of the society” has the same meaning as in Lloyd’s Act 1982(