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

Payments to be disregarded in the calculation of earnings for the purposes of earnings-related contributions

192.—(1) Amend Schedule 3 (payments to be disregarded in the calculation of earnings for the purposes of earnings-related contributions) as follows.

(2) In paragraph 2 of Part II—

(a) in sub-paragraph (1)(a) for sub-paragraph (ii) substitute—

“(ii) any contract of long-term insurance which falls within paragraph I, III or VI of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”.

(b) in sub-paragraph (3) for the words from “provisions” to the end substitute

• “contract—

  (a)

  falls within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and Part I of that Schedule; or

  (b)

  is treated for the purposes of that Order as falling within Part II of that Schedule by Article 3(3) of that Order,

  that contract shall be treated as a contract of long-term insurance.”.

(3) In paragraph 5 of Part IV—

(a) in sub-paragraph (a) for “75(1) of the Financial Services Act 1986” substitute “235 of the Financial Services and Markets Act 2000”;

(b) for sub-paragraph (b) substitute—

“(b) “an open-ended investment company” has the meaning given in section 236 of the Financial Services and Markets Act 2000.”.