- Statutory Instrument 1997 No. 2388
The Personal Pension Schemes (Establishment of Schemes) Order 1997
© Crown Copyright 1997
Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.
The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.
It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.
The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Personal Pension Schemes (Establishment of Schemes) Order 1997 , ISBN 0 11 064968 0. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.
Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.
To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.
| Made | 3rd October 1997 | ||
| Laid before the House of Commons | 3rd October 1997 | ||
| Coming into force | 24th October 1997 |
The Treasury, in exercise of the powers conferred on them by section 632(4) of the Income and Corporation Taxes Act 1988[1], hereby make the following Order:
Citation and commencement
1. This Order may be cited as the Personal Pension Schemes (Establishment of Schemes) Order 1997 and shall come into force on 24th October 1997.
Interpretation
2. In this Order "section 632" means section 632 of the Income and Corporation Taxes Act 1988[2].
Amendments to section 632
3. In subsection (1) of section 632 -
-
(a) after paragraph (a) there shall be inserted -
-
"
(aa) an EC company which -
-
(i) lawfully carries on long term business in the United Kingdom, or
(ii) lawfully provides long term insurance in the United Kingdom;";
(b) after paragraph (d) there shall be added -
-
"
(e) an institution which -
-
(i) is a European institution within the meaning of regulation 3(1) of the Banking Coordination (Second Council Directive) Regulations 1992[3], and
(ii) in conformity with the conditions and requirements of those Regulations, carries on in the United Kingdom, through a branch established in the United Kingdom for that purpose, or by the provision of services, any activity falling within item 1, 7 or 11 of the list of activities contained in Schedule 1 to those Regulations."
4.
After subsection (2) of section 632 there shall be inserted -
-
"
(2ZA) For the purposes of subsection (1)(aa) above an EC company -
-
(a) lawfully carries on long term business in the United Kingdom if it does so through a branch in respect of which such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982[4] as are applicable have been complied with;
(b) lawfully provides long term insurance in the United Kingdom if such of those requirements as are applicable have been complied with in respect of the insurance."
5.
After subsection (2A) of section 632 there shall be inserted -
-
"
(2B) For the purposes of this section -
-
(a) references to an EC company shall be construed in accordance with section 2(6) of the Insurance Companies Act 1982[5];
(b) references to long term business shall be construed in accordance with section 1(1) of that Act;
(c) references to the provision of long term insurance in the United Kingdom shall be construed in accordance with section 96A(3A) of that Act[6]."
Graham Allen
Jim Dowd
Two of the Lords Commissioners of Her Majesty's Treasury
3rd October 1997
(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.
Notes:
[1] 1988 c. 1.back
[2] Section 632 was amended by section 54(2)(a)(iii) of the Finance Act 1988 (c. 39) and by S.I. 1988/993.back
[4] 1982 c. 50. Schedule 2F was inserted by regulation 45 of, and Schedule 6 to, S.I. 1994/1696.back
[5] Section 2(6) was added by regulation 4(2) of S.I. 1994/1696.back
[6] Section 96A was inserted by regulation 2(1) of S.I. 1990/1333, and subsection (3A) was inserted by regulation 51 of S.I. 1994/1696.back
ISBN 0 11 064968 0