The Tax-exempt Special Savings Account (Relevant European Institutions) Regulations 1995

PART III AMENDMENTS TO THE PRINCIPAL REGULATIONS

8.  In regulation 2(1)—

(a) after the definition of “the Board” there shall be inserted—

““EEA Agreement” means the Agreement on the European Economic Area signed at Oporto on 2nd May 1992(1) as adjusted by the Protocol signed at Brussels on 17th March 1993(2);

“EEA State” means a State, other than the United Kingdom, which is a Contracting Party to the EEA Agreement;”

(b) after the definition of “the principal sections” there shall be inserted—

• “a “relevant European institution” has the meaning given by section 326A(10) of the Taxes Act;”

(c) in the definition of a “society or institution” there shall be added at the end “or a relevant European institution”.

9.  In regulation 5—

(a) in paragraph (1) after the words “paragraph (2)” there shall be inserted the words “or, in the case of a relevant European institution, the information specified in paragraph (2A)”;

(b) after paragraph (2) there shall be inserted—

“(2A) The information specified in this paragraph is—

(a) the name under which it is incorporated or registered and the EEA State in which it is incorporated or registered;

(b) where it has a branch or business establishment in the United Kingdom and intends to operate all accounts opened with it through that branch or establishment—

(i) the address of that branch or business establishment including postcode, and

(ii) the tax office to which its accounts are submitted and its reference number there;

(c) where it has a branch or business establishment in the United Kingdom and does not so intend, which of the three requirements in regulation 3 of the Tax-exempt Special Savings Account (Relevant European Institutions) Regulations 1995 it proposes to fulfil;

(d) where it does not have a branch or business establishment in the United Kingdom—

(i) whether it proposes to establish such a branch or business establishment through which it will operate all accounts opened with it, and

(ii) if not, which of the three requirements mentioned in regulation 3 of the Tax-exempt Special Savings Account (Relevant European Institutions) Regulations 1995 it proposes to fulfil;

(e) the date from which it proposes to operate accounts.”;

(c) in paragraph (3) after the words “Banking Act 1987” there shall be inserted the words “or is a relevant European institution”.

10.  In regulation 11—

(a) in paragraph (a) for the words from “, as the case may be” to the end of the paragraph there shall be substituted the words “to be authorised under the Banking Act 1987 or to be a relevant European institution, as the case may be.”;

(b) after paragraph (e) there shall be added—

“(f) action has been taken in relation to it under the law of an EEA State corresponding to that described in paragraph (b), (c), (d) or (e).”

11.  In regulation 16 after the word “inspection” there shall be inserted the words “at a place within the United Kingdom”.

(1)

O.J. No. L1, 3.1.94, p.3.

(2)

O.J. No. L1, 3.1.94, p.572.