Income and Corporation Taxes Act 1988

632 Establishment of schemes. U.K.

M1 (1) [F1 Subject to subsection (1A), the] Board shall not approve a personal pension scheme established by any person other than—

(a) a person who [F2 has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance or to manage unit trust schemes authorised under section 243 of that Act;]

[F3 [F4 (aa) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000 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 any one of the requirements under subsections (5), (6) or (7) of section 659B;

(ab) a firm which has permission under paragraph 4 of Schedule 4 to the Financial Services and Markets Act 2000 (as a result of qualifying for authorisation under paragraph 2 of that Schedule) to manage unit trust schemes authorised under section 243 of that Act;

(ac) a person who qualifies for authorisation under Schedule 5 to the Financial Services and Markets Act 2000;]]

(b) a building society within the meaning of the M2 Building Societies Act 1986;

[F5 (bb) F6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F7 (c) a person falling within section 840A(1)(b);]

[F5 (cc) a body corporate which is a subsidiary or holding company of [F8 a person falling within section 840A(1)(b)], or is a subsidiary of the holding company of [F9 such a person];]

(d) F10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F11 (e) an institution which—

[F12 (i) is an EEA firm of the kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to the Financial Services and Markets Act 2000,

(ii) qualifies for authorisation under paragraph 12(1) or (2) of that Schedule, and

(iii) has permission under that Act to manage portfolios of investments.]]

[F13 (1A) The Board may approve a personal pension scheme established by any person other than a person mentioned in subsection (1)(a) to (e) if the scheme is established under a trust or trusts.]

[F14 (2) In subsection (1)(a) 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.]

[F15 (2A) In subsection 1(cc) above “holding company” and “subsidiary” are to be construed in accordance with section 736 of the M3 Companies Act 1985 or Article 4 of the M4 Companies (Northern Ireland) Order 1986.]

[F16 (2B) F17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(3) Subsection (1) above shall not apply in relation to a scheme approved by the Board by virtue of section 620(5) if it was established before [F18 1st July] 1988.

(4) The Treasury may by order amend this section as it has effect for the time being.

Textual Amendments

F1 Words in s. 632(1) substituted (1.10.2000) by The Personal Pension Schemes (Establishment of Schemes) Order 2000 (S.I. 2000/2317), arts. 1, 2(2)

F2 Words in s. 632(1)(a) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 41(2)

F3 S. 632(1)(aa) inserted (24.10.1997) by The Personal Pension Schemes (Establishment of Schemes) Order 1997 (S.I. 1997/2388), arts. 1, 3(a)

F4 S. 632(1)(aa)-(ac) substituted for s. 632(1)(aa) (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 41(3)

F5 S.I. 1988 No.993

F6 S. 632(1)(bb) omitted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 41(4)

F7 S. 632(1)(c) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 41(5)

F8 Words in s. 632(1)(cc) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 41(6)(a)

F9 Words in s. 632(1)(cc) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 41(6)(b)

F10 S. 632(1)(d) omitted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 41(7)

F11 S. 632(1)(e) added (24.10.1997) by The Personal Pension Schemes (Establishment of Schemes) Order 1997 (S.I. 1997/2388), arts. 1, 3(b)

F12 S. 632(1)(e)(i)-(iii) substituted for s. 632(1)(e)(i)(ii) (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I 2001/3629), art. 41(8)

F13 S. 632(1A) inserted (1.10.2000) by The Personal Pension Schemes (Establishment of Schemes) Order 2000 (S.I. 2000/2317), arts. 1, 2(3)

F14 S. 632(2) substituted for s. 632(2)(2ZA) (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 41(9)

F15 S.I. 1988 No.993

F16 S. 632(2B) inserted (24.10.1997) by The Personal Pension Schemes (Establishment of Schemes) Order 1997 (S.I. 1997/2388), arts. 1, 5

F17 S. 632(2B) omitted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 41(10)

F18 1988(F) s.54(2)(a)—deemed always to have had effect. Previously

“4th January”.

Marginal Citations

M1 Source-1987 (No.2) s.20

M2 1986 c. 53.

M3 1985 c.6

M4 S.I. 1986 No.1032.