The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001

Explanatory Note

(This note is not part of the Order)

This Order makes amendments to primary and secondary legislation relating to matters under the care and management of the Commissioners of Inland Revenue. The matters involved include income tax, corporation tax, capital gains tax, national insurance contributions, inheritance tax, stamp duty and stamp duty reserve tax. The amendments are in consequence of provisions made by or under the Financial Services and Markets Act 2000 (c. 8) which come into force on 1st December 2001.

Part 1 deals with introductory matters. Article 1 provides for citation and commencement and Article 2 provides for interpretation.

Part 2 (Articles 3 to 109) sets out the amendments to primary legislation.

Article 3 amends the Taxes Management Act 1970 (c. 9).

Article 4 amends the Finance Act 1970 (c. 24).

Article 5 amends the Inheritance Tax Act 1984 (c. 51).

Articles 6 to 12 amend the Finance Act 1986 (c. 41).

Articles 13 to 52 amend the Income and Corporation Taxes Act 1988 (c. 1).

Article 53 amends the Finance Act 1988 (c. 39).

Articles 55 to 60 amend the Finance Act 1989 (c. 26).

Articles 61 to 73 amend the Taxation of Chargeable Gains Act 1992 (c. 12).

Article 74 amends the Finance (No. 2) Act 1992 (c. 48).

Articles 75 to 82 amend the Finance Act 1993 (c. 34).

Articles 83 to 87 amend the Finance Act 1994 (c. 9).

Articles 88 to 91 amend the Finance Act 1995 (c. 4).

Articles 92 to 96 amend the Finance Act 1996 (c. 8).

Articles 97 to 102 amend the Finance Act 1997 (c. 16).

Article 103 amends the Finance Act 1998 (c. 36).

Article 104 amends the Finance Act 1999 (c. 16).

Articles 105 to 107 amend the Finance Act 2000 (c. 17).

Article 108 amends the Capital Allowances Act 2001 (c. 2).

Article 109 introduces the Schedule to the Order which contains repeals and revocations in consequence of the amendments made by Part 2.

Part 3 (Articles 110 to 193) sets out the amendments to secondary legislation.

Article 110 amends the Income Tax (Life Assurance Premium Relief ) Regulations 1978 (S.I. 1998/1159).

Article 111 amends the Friendly Societies (Life Assurance Premium Relief) (Change of Rate) Regulations 1980 (S.I. 1980/1947).

Articles 112 to 115 amend the Stamp Duty Reserve Tax Regulations 1986 (S.I. 1986/1711).

Article 116 amends the Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/266).

Article 117 amends the Income Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/267).

Article 118 amends the Stamp Duty and Stamp Duty Reserve Tax (Definition of Unit Trust Scheme) Regulations 1988 (S.I. 1988/268).

Article 119 amends the Occupational Pension Schemes (Transitional Provisions) Regulations 1988 (S.I. 1988/1436).

Articles 120 to 125 amend the Personal Equity Plan Regulations 1989 (S.I. 1989/469).

Article 126 amends the Retirement Benefits Schemes (Tax Relief on Contributions) (Disapplication of Earnings Cap) Regulations 1990 (S.I. 1990/586).

Article 127 amends the Retirement Benefits Schemes (Continuation of Rights of Members of Approved Schemes) Regulations 1990 (S.I. 1990/2101).

Article 128 amends the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 (S.I. 1990/2231).

Articles 129 to 133 amend the Tax-exempt Special Savings Account Regulations 1990 (S.I. 1990/2361).

Article 134 amends the Debts of Overseas Governments (Determination of Relevant Percentage) Regulations 1990 (S.I. 1990/2529).

Article 135 amends the Inheritance Tax (Market Makers) Regulations 1992 (S.I. 1992/3181).

Article 136 amends the Income Tax (Prescribed Deposit-takers) Order 1992 (S.I. 1992/3234).

Article 137 amends the Exchange Gains and Losses (Alternative Method of Calculation of Gain or Loss) Regulations 1994 (S.I. 1994/3227).

Article 138 amends the Exchange Gains and Losses (Insurance Companies) Regulations 1994 (S.I. 1994/3231).

Article 139 amends the Lloyd’s Underwriters (Tax) Regulations 1995 (S.I. 1995/351).

Article 140 amends the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 (S.I. 1995/1730).

Article 141 amends the Retirement Benefits Schemes (Information Powers) Regulations 1995 (S.I. 1995/3103).

Article 142 amends the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 (S.I. 1995/3237).

Article 143 amends the Capital Gains Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1583).

Article 144 amends the Stamp Duty and Stamp Duty Reserve Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1584).

Article 145 amends the Income Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1585).

Articles 146 to 151 amend the Insurance Companies (Reserves) (Tax) Regulations 1996 (S.I. 1996/2991).

Articles 152 to 165 amend the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473).

Article 166 amends the Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154).

Article 167 amends the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997 (S.I. 1997/1156).

Articles 168 to 178 amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870).

Article 179 amends the Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871).

Article 180 amends the Controlled Foreign Companies (Excluded Countries) Regulations 1998 (S.I. 1998/3081).

Article 181 amends the Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175).

Article 182 amends the Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1999 (S.I. 1999/622).

Articles 183 to 185 amend the Personal Portfolio Bonds (Tax) Regulations 1999 (S.I. 1999/1029).

Article 186 amends the Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) Regulations 1999 (S.I. 1999/2383).

Article 187 amends the Insurance Companies (Overseas Life Assurance Business) (Excluded Business) Regulations 2000 (S.I. 2000/2089).

Article 188 amends the Personal Pension Schemes (Information Powers) Regulations 2000 (S.I. 2000/2316).

Article 189 amends the Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001 (S.I. 2001/117).

Articles 190 to 192 amend the Social Security (Contributions) Regulations 2001 (S.I. 2001/1004).

Article 193 amends the General Insurance Reserves (Tax) Regulations 2001 (S.I. 2001/1757).

The Schedule to the Order contains repeals and revocations in consequence of the amendments made by Part 2 (see Article 109).