Income and Corporation Taxes Act 1988

CHAPTER IV U.K. SPECIAL PROVISIONS

313 Taxation of consideration for certain restrictive undertakings. U.K.

F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 313 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 39, Sch. 8 Pt. 1(with Sch. 7)

314 Divers and diving supervisors. U.K.

F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 S. 314 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 128, Sch. 3 (with Sch. 2)

315 Wounds and disability pensions. U.K.

F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3 Ss. 315-318 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 41, Sch. 8 Pt. 1 (with Sch. 7)

316 Allowances, bounties and gratuities. U.K.

F4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4 Ss. 315-318 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 41, Sch. 8 Pt. 1 (with Sch. 7)

317 Victoria Cross and other awards. U.K.

F5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5 Ss. 315-318 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 41, Sch. 8 Pt. 1 (with Sch. 7)

318 Other pensions in respect of death due to war service etc. U.K.

F6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6 Ss. 315-318 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 41, Sch. 8 Pt. 1 (with Sch. 7)

319 Crown servants: foreign service allowance. U.K.

F7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F7 S. 319 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 42, Sch. 8 Pt. 1 (with Sch. 7)

320 Commonwealth Agents-General and official agents etc. U.K.

M1 (1) An Agent-General who is resident in the United Kingdom shall be entitled to the same immunity from income tax as that to which the head of a mission so resident is entitled under the M2 Diplomatic Privileges Act 1964.

(2) Any person having or exercising any employment to which this subsection applies (not being a person employed in any trade, business or other undertaking carried on for the purposes of profit) shall be entitled to the same immunity from income tax as that to which a member of the staff of a mission is entitled under the Diplomatic Privileges Act 1964.

(3) The employments to which subsection (2) above applies are the employment in the United Kingdom as—

(a) a member of the personal staff of any Agent-General; or

(b) an official agent for, or for any state or province of, any of the countries for the time being mentioned in Schedule 3 to the M3 British Nationality Act 1981 or the Republic of Ireland; or

(c) an official agent for any self-governing colony,

of a person certified by the High Commissioner of the country in question or, as the case may be, by the Agent-General for the state, province or self-governing colony in question to be ordinarily resident outside the United Kingdom and to be resident in the United Kingdom solely for the purpose of the performance of his duties as such member or official agent.

(4) In this section—

• “Agent-General” means the Agent-General for any state or province of a country within subsection (3)(b) above or for any self-governing colony;

• “High Commissioner” includes the head of the mission of a country within subsection (3)(b) above by whatever name called;

• “mission” has the same meaning as in the Diplomatic Privileges Act 1964, and references to the head of a mission and a member of the staff of a mission shall be construed in accordance with that Act;

• “self-governing colony” means any colony certified by a Secretary of State to be a self-governing colony.

Modifications etc. (not altering text)

C1 The countries mentioned in the British Nationality Act 1981 Sch.3 (as amended)are—Countries whose citizens are Commonwealth citizensAntigua and Barbuda, Australia, The Bahamas, Bangladesh, Barbados, Belize, Botswana, Brunei, Canada, Republic of Cyprus, Dominica, Fiji, The Gambia, Ghana, Grenada, Guyana, India, Jamaica, Kenya, Kiribati, Lesotho, Malawi, Malaysia, Maldives, Malta, Mauritius, Nauru, New Zealand, Nigeria, Papua New Guinea, Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Seychelles, Sierra Leone, Singapore, Solomon Islands, Sri Lanka, Swaziland, Tanzania, Tonga, Trinidad and Tobago, Tuvalu, Uganda, Vanuatu, Western Samoa, Zambia, Zimbabwe.

Marginal Citations

M1 Source-1970 s.372

M2 1964 c. 81.

M3 1981 c. 81.

321 Consuls and other official agents. U.K.

F8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F8 S. 321 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 43, Sch. 8 Pt. 1 (with Sch. 7)

322 Consular officers and employees. U.K.

F9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 S. 322 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 129, Sch. 3 (with Sch. 2)

323 Visiting forces. U.K.

M4 (1) F10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) A period during which a member of a visiting force to whom [F11 section 303(1) of ITEPA 2003 (exemption for earnings of visiting forces etc.)] applies is in the United Kingdom by reason solely of his being a member of that force shall not be treated for the purposes of income tax either as a period of residence in the United Kingdom or as creating a change of his residence or domicile.

(3) Subsection (2) above shall not affect the operation of section 278 in relation to any person for any year of assessment.

(4) In [F12 subsection (2)] above references to a visiting force shall apply to a civilian component of such a force as they apply to the force itself; and [F13 that subsection] shall be construed as one with the [F14 Part 1 of]M5 Visiting Forces Act 1952, but so that, for the purposes of this section, references to a designated country shall be substituted in that Act for references to a country to which a provision of that Act applies.

(5) For the purpose of conferring on persons attached to any designated allied headquarters the like benefits as are conferred by [F15 subsection (2)] above on members of a visiting force or civilian component, any members of the armed forces of a designated country shall, while attached to any such headquarters, be deemed to constitute a visiting force of that country, and there shall be a corresponding extension of the class of persons who may be treated as members of a civilian component of such a visiting force.

(6) In the case of persons of any category for the time being agreed between Her Majesty’s government in the United Kingdom and the other members of the North Atlantic Council—

(a) employment by a designated allied headquarters shall be treated for the purposes of subsection (2) above as if it were service as a member of a visiting force of a designated country; F16 . . .

(b) F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) F17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) For the purposes of this section—

• “allied headquarters” means any international military headquarters established under the North Atlantic Treaty, and

• “designated” means designated for the purpose in question by or under any Order in Council made for giving effect to any international agreement.

Textual Amendments

F10 S. 323(1) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 45(2), Sch. 8 Pt. 1 (with Sch. 7)

F11 Words in s. 323(2) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 45(3) (with Sch. 7)

F12 Words in s. 323(4) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 45(4)(a) (with Sch. 7)

F13 Words in s. 323(4) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 45(4)(b) (with Sch. 7)

F14 Words in s. 323(4) inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 45(4)(c) (with Sch. 7)

F15 Words in s. 323(5) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 45(5) (with Sch. 7)

F16 S. 323(6)(b) and preceding word repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 45(6), Sch. 8 Pt. 1 (with Sch. 7)

F17 S. 323(7) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 45(7), Sch. 8 Pt. 1 (with Sch. 7)

Modifications etc. (not altering text)

C2 For orders see Part III Vol.5under

“Securities”.

Marginal Citations

M4 Source-1970 s.367

M5 1952 c. 67.

324 Designated international organisations. U.K.

F18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F18 S. 324 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 130, Sch. 3 (with Sch. 2)

325 Interest on deposits with National Savings Bank. U.K.

F19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F19 S. 325 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 131, Sch. 3 (with Sch. 2)

326 Interest etc. under contractual savings schemes. U.K.

F20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F20 S. 326 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 132, Sch. 3 (with Sch. 2)

[F21 326A Tax-exempt special savings accounts. U.K.

F22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F21 Ss. 326A-326C inserted by Finance Act 1990 (c. 29), s. 28(1)

F22 Ss. 326A-326D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 133, Sch. 3 (with Sch. 2)

[F23 326B Loss of exemption for special savings accounts. U.K.

F24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F23 Ss. 326A-326C inserted by Finance Act 1990 (c. 29), s. 28(1)

F24 Ss. 326A-326D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 133, Sch. 3 (with Sch. 2)

[F25 326BB Follow-up TESSAs. U.K.

F26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F25 S. 326BB inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 62(2)

F26 Ss. 326A-326D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 133, Sch. 3 (with Sch. 2)

[F27 326C Tax-exempt special savings accounts: supplementary. U.K.

F28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F27 Ss. 326A-326C inserted by Finance Act 1990 (c. 29), s. 28(1)

F28 Ss. 326A-326D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 133, Sch. 3 (with Sch. 2)

[F29 326D Tax-exempt special savings accounts: tax representatives. U.K.

F30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F29 S. 326D inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 63(4)

F30 Ss. 326A-326D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 133, Sch. 3 (with Sch. 2)

327 Disabled person’s vehicle maintenance grant. U.K.

F31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F31 S. 327 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 134, Sch. 3 (with Sch. 2)

[F32 327A Payments to adopters U.K.

F33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F32 S. 327A inserted (with effect in accordance with s. 175(2) of the amending Act) by Finance Act 2003 (c. 14), s. 175(1)

F33 S. 327A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 135, Sch. 3 (with Sch. 2)

F34 328 Funds in court. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F34 S. 328 repealed (with effect in accordance with s. 68(3)-(5) of the repealing Act) by Finance Act 1999 (c. 16), s. 68(2), Sch. 20 Pt. 3(17), Note

329 Interest on damages for personal injuries. U.K.

F35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F35 Ss. 329-329AB repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 136, Sch. 3 (with Sch. 2)

[F36 329AA Personal injury damages in the form of periodical payments. U.K.

F37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F36 Ss. 329AA, 329AB inserted (with effect in accordance with s. 150(2)-(4) of the amending Act) by Finance Act 1996 (c. 8), s. 150(1), Sch. 26

F37 Ss. 329-329AB repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 136, Sch. 3 (with Sch. 2)

329AB Compensation for personal injury under statutory or other schemes. U.K.

F38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F36 Ss. 329AA, 329AB inserted (with effect in accordance with s. 150(2)-(4) of the amending Act) by Finance Act 1996 (c. 8), s. 150(1), Sch. 26

F38 Ss. 329-329AB repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 136, Sch. 3 (with Sch. 2)

[F39 F40 329A Annuities purchased for certain persons. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F39 Ss. 329A, 329B inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 142

F40 Ss. 329A-329C repealed and superseded (29.4 1996) by Finance Act 1996 (c. 8), s. 150(2)(3), Sch. 41 Pt. 5(16) (with s. 150(4))

F41 329B Annuities assigned in favour of certain persons. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F39 Ss. 329A, 329B inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 142

F41 Ss. 329A-329C repealed and superseded (29.4 1996) by Finance Act 1996 (c. 8), s. 150(2)(3), Sch. 41 Pt. 5(16) (with s. 150(4))

[F42 F43 329C Annuities: criminal injuries. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F42 S. 329C inserted (8.11.1995) by Criminal Injuries Compensation Act 1995 (c. 53), s. 8

F43 Ss. 329A-329C repealed and superseded (29.4 1996) by Finance Act 1996 (c. 8), s. 150(2)(3), Sch. 41 Pt. 5(16) (with s. 150(4))

330 Compensation for National-Socialist persecution. U.K.

F44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F44 S. 330 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 46, Sch. 8 Pt. 1 (with Sch. 7)

331 Scholarship income. U.K.

F45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F45 S. 331 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 137, Sch. 3 (with Sch. 2)

[F46 331A Student loans: certain interest to be disregarded. U.K.

F47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F46 S. 331A inserted (27.7.1999) by Finance Act 1999 (c. 16), s. 60

F47 S. 331A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 138, Sch. 3 (with Sch. 2)

332 Expenditure and houses of ministers of religion. U.K.

(1) F48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F50 (3A) F51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3B) F51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(4) F51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F48 S. 332(1)(2) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 47(2), Sch. 8 Pt. 1 (with Sch. 7)

F49 S. 332(3) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 139, Sch. 3 (with Sch. 2)

F50 S. 332(3A)(3B) inserted (with effect in accordance with s. 57(4) of the amending Act) by Finance Act 2001 (c. 9), Sch. 12 para. 10

F51 S. 332(3A)(3B)(4) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 47(4), Sch. 8 Pt. 1 (with Sch. 7)

[F52 332A Venture capital trusts: relief. U.K.

Schedule 15B shall have effect for conferring relief from income tax in respect of investments in venture capital trusts F53 . . . .]

Textual Amendments

F52 S. 332A inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 71(1)

F53 Words in s. 332A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 140, Sch. 3 (with Sch. 2)

[F54 333 Investment plan regulations U.K.

Regulations under Chapter 3 of Part 6 of ITTOIA 2005 (income from individual investment plans) may include provision generally for the purpose of the administration of corporation tax in relation to plans.]

Textual Amendments

F54 S. 333 substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 141 (with Sch. 2)

[F55 333A Personal equity plans: tax representatives. U.K.

F56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F55 S. 333A inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 64(1)

F56 S. 333A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 142, Sch. 3 (with Sch. 2)

[F57 333B Involvement of insurance companies with plans and accounts. U.K.

(1) The Treasury may make regulations providing exemption from tax for income from, and chargeable gains in respect of, investments and deposits of so much of an insurance company’s [F58 long-term insurance fund] as is referable to [F59 plan business].

(2) The Treasury may by regulations modify the effect of section 30(4) of the M6 Finance (No. 2) Act 1997 (which repeals section 231(2) of the Taxes Act 1988 with effect from 6th April 1999) in relation to distributions which—

(a) are made before 6th April 2004; and

(b) are received by an insurance company in respect of investments of so much of its [F58 long-term insurance fund] as is referable to [F59 plan business].

(3) Regulations under this section may make provision for insurance companies that are not resident in the United Kingdom to be treated, in relation to investments of so much of their [F58 long-term insurance funds] as are referable to [F59 plan business]—

(a) as if they were so resident for the purposes of any enactment conferring an entitlement to, or to the payment of, tax credits in respect of investments; and

(b) as if such other conditions of any entitlement to, or to the payment of, tax credits were also satisfied.

(4) Regulations under section 333 or this section [F60 or Chapter 3 of Part 6 of ITTOIA 2005 (except sections 697 and 698)] may include provision which, in relation to insurance companies that are not resident in the United Kingdom—

(a) requires a person to be appointed to be responsible for securing the discharge of any duties to which such an insurance company is subject under the regulations; and

(b) confers rights and powers, and imposes liabilities, on a person so appointed;

and, without prejudice to the generality of paragraphs (a) and (b) above, regulations made by virtue of this subsection may include any provision corresponding to any that, in relation to a European institution, may be made under [F61 section 697 or 698 of ITTOIA 2005 (requirements concerning foreign plan managers)].

(5) Regulations under this section may provide that an insurance company—

(a) shall comply with any notice served on it by the Board which requires it, within a prescribed period, to make available for the Board’s inspection documents (of a prescribed kind) relating to, or to matters connected with, its past or present [F62 plan business]; and

(b) shall, within a prescribed period of being required to do so by the Board, furnish to the Board information (of a prescribed kind) about its past or present [F62 plan business] or any matters connected with it.

(6) Any power of the Treasury under this section to make provision by regulations in relation to insurance companies shall include power by regulations to make such corresponding provision in relation to friendly societies as the Treasury think fit.

(7) Regulations under this section may—

(a) for purposes connected with any exemption from tax conferred by virtue of subsection (1) above, apply or modify any provision made by or under the Tax Acts;

(b) make different provision for different cases;

(c) include such incidental, supplemental, consequential and transitional provision as the Treasury may consider appropriate.

(8) Without prejudice to the generality of the powers conferred by subsection (7) above, the provision that may be made in connection with an exemption from tax conferred by virtue of subsection (1) above shall include provision for section 436 to apply (with any such modifications as may be prescribed) in relation to [F63 plan business] as it applies in relation to pension business.

(9) In this section—

• “friendly society” has the same meaning as in Chapter II of Part XII;

• [F64 “insurance company” means an undertaking carrying on the business of effecting or carrying out 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;]

• “ [F58 long-term insurance fund]” has the same meaning as in Chapter I of Part XII;

• [F65 “plan business”, in relation to an insurance company, means the business of the company that is attributable to the making of investments with that company under plans for which provision is made by regulations under Chapter 3 of Part 6 (except sections 697 and 698) of ITTOIA 2005 (income from individual investment plans)]

• “prescribed” means prescribed by regulations under this section;

• F66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F57 S. 333B inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 77(1)

F58 Words in s. 333B(1)(2)(b)(3)(9) substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 52(1)(a)

F59 Words in s. 333B(1)(2)(b)(3) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 143(2) (with Sch. 2)

F60 Words in s. 333B(4) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 143(3)(a) (with Sch. 2)

F61 Words in s. 333B(4) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 143(3)(b) (with Sch. 2)

F62 Words in s. 333B(5)(a)(b) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 143(4) (with Sch. 2)

F63 Words in s. 333B(8) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 143(5) (with Sch. 2)

F64 S. 333B(9): definition of "insurance company" substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 22

F65 S. 333B(9): definition of "plan business" inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 143(6)(a) (with Sch. 2)

F66 S. 333B(9): definition of "section 333 business" repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 143(6)(b), Sch. 3 (with Sch. 2)

Modifications etc. (not altering text)

C3 S. 333B(1)(5)-(9) modified (6.4.2005) by Child Trust Funds Act 2004 (c. 6), ss. 14, 27; S.I. 2004/3369, art. 2

Marginal Citations

M6 1997 c. 58.