- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/05/1995)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 06/04/2006
Point in time view as at 01/05/1995. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
There are currently no known outstanding effects for the Finance Act 1995, Section 59.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)Part XIV of the Taxes Act 1988 (pension schemes etc.) shall be amended as follows.
(2)In section 591 (discretionary approval of retirement benefits schemes) the following subsection shall be substituted for subsection (3)—
“(3)In subsection (2)(g) above “insurance company” has the meaning given by section 659B.”
(3)In section 599 (charge to tax: commutation of entire pension in special circumstances) the following subsection shall be substituted for subsection (8)—
“(8)In subsection (7) above “insurance company” has the meaning given by section 659B.”
(4)In section 630 (personal pension schemes: interpretation) the following definition shall be substituted for the definition of “authorised insurance company”—
““authorised insurance company” has the meaning given by section 659B.”
(5)The following sections shall be inserted after section 659A—
(1)In sections 591(2)(g) and 599(7) “insurance company” means one of the following—
(a)a person authorised under section 3 or 4 of the M1Insurance Companies Act 1982 (or any similar previous enactment) to carry on long term business;
(b)a friendly society carrying on long term business;
(c)an EC company falling within subsection (3) below.
(2)In Chapter IV of this Part “authorised insurance company” means a company that is an insurance company within the meaning given by subsection (1) above.
(3)An EC company falls within this subsection if it—
(a)lawfully carries on long term business, or lawfully provides long term insurance, in the United Kingdom, and
(b)fulfils the requirement under subsection (5) below or that under subsection (6) below or that under subsection (7) below.
(4)For the purposes of subsection (3) 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 M2Insurance Companies Act 1982 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)The requirement under this subsection is that—
(a)a person who falls within subsection (8) below is for the time being appointed by the company to be responsible for securing the discharge of the duties mentioned in subsection (9) below, and
(b)his identity and the fact of his appointment have been notified to the Board by the company.
(6)The requirement under this subsection is that there are for the time being other arrangements with the Board for a person other than the company to secure the discharge of those duties.
(7)The requirement under this subsection is that there are for the time being other arrangements with the Board designed to secure the discharge of those duties.
(8)A person falls within this subsection if—
(a)he is not an individual and has a business establishment in the United Kingdom, or
(b)he is an individual and is resident in the United Kingdom.
(9)The duties are the following duties that fall to be discharged by the company—
(a)any duty to pay by virtue of section 203 and regulations made under it tax charged under section 597(3);
(b)any duty to pay tax charged under section 599(3) and (7);
(c)any duty imposed by regulations made under section 605;
(d)any duty to pay by virtue of section 203 and regulations made under it tax charged under section 648A(1).
(10)For the purposes of this section—
(a)references to an EC company shall be construed in accordance with section 2(6) of the M3Insurance Companies Act 1982;
(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;
(d)a friendly society is a friendly society within the meaning of the M4Friendly Societies Act 1992 (including any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society within the meaning of that Act).
(1)This section shall have effect where—
(a)in accordance with section 659B(5) a person is for the time being appointed to be responsible for securing the discharge of duties, or
(b)in accordance with section 659B(6) there are for the time being arrangements for a person to secure the discharge of duties.
(2)In such a case the person concerned—
(a)shall be entitled to act on the company’s behalf for any of the purposes of the provisions relating to the duties;
(b)shall secure (where appropriate by acting on the company’s behalf) the company’s compliance with and discharge of the duties;
(c)shall be personally liable in respect of any failure of the company to comply with or discharge any such duty as if the duties imposed on the company were imposed jointly and severally on the company and the person concerned.”
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Ddeddf Gyfan heb Atodlenni you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys