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

Pension schemes etc.: meaning of insurance company

42.—(1) Amend section 659B (definition of insurance company) as follows.

(2) For subsection (1) substitute—

“(1) in sections 591(2)(g)(1) and 599(7) “insurance company” means one of the following—

(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;

(b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act which—

(i) has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance; and

(ii) fulfils the requirement under subsection (5), (6) or (7) below.

(1A) In subsection (1) above “contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.

(3) Omit subsections (3), (4) and (10).

(1)

Section 591(2)(g) was amended by section 107(2) of, and Part 5(12) of Schedule 26 to, the Finance Act 1994.