Finance Act 1995

European institutions

3 (1) Section 326 shall be further amended as follows.

(2) In subsection (1) (relief for sums payable in respect of bank deposits etc.) after paragraph (c) there shall be inserted “or

(d) in respect of money paid to a relevant European institution,”.

(3) In subsection (2) (meaning of certified scheme except in relation to institutions authorised under Banking Act 1987 etc.) after “1987” there shall be inserted “or a relevant European institution”.

(4) The following subsection shall be inserted after subsection (4)—

“(5) In this section “certified contractual savings scheme” means, in relation to a relevant European institution, a share option linked scheme—

(a) providing for periodical contributions by individuals for a specified period, and

(b) certified by the Treasury as corresponding to a scheme certified under subsection (2) above, and as qualifying for exemption under this section.”

(5) Sub-paragraph (2) above shall apply in relation to schemes established after the day on which this Act is passed.