Part 6 U.K. Exempt income

Chapter 3 U.K. Income from individual investment plans

698 Requirements for discharge of foreign institution's duties U.K.

(1) The requirements about the discharge of an institution's duties which are referred to in section 697(1) (one of which may be imposed in the case of certain foreign managers) are requirements A, B and C.

(2) Requirement A is that—

(a) a person is currently appointed by the institution to be responsible for securing the discharge of the duties,

(b) that person either—

(i) is an individual who is a UK resident, or

(ii) is not an individual and has a business establishment in the United Kingdom, and

(c) the institution has notified [F1 the Commissioners for Her Majesty’s Revenue and Customs] of that person's identity and appointment.

(3) Requirement B is that there are other current arrangements with the [F2 Commissioners] for a person other than the institution to secure the discharge of the duties.

(4) Requirement C is that there are other current arrangements with the [F2 Commissioners] designed to secure the discharge of the duties.

(5) Investment plan regulations may provide—

(a) that requirement A or B is only met if the person concerned is of a description specified in the regulations as respects that requirement,

(b) that appointments made for the purposes of requirement A or arrangements made for the purposes of requirement B are treated as terminated in circumstances specified in the regulations as respects that requirement.

(6) Investment plan regulations may provide that a person currently appointed as mentioned in subsection (2) or as to whom there is a current arrangement within subsection (3)—

(a) may act on the institution's behalf for any of the purposes of the provisions relating to the duties,

(b) is to secure the institution's compliance with, and discharge of, the duties, where appropriate by acting on its behalf,

(c) is personally liable for the institution's failure to comply with or discharge any of the duties, as if they were imposed on the person and the institution jointly and severally.

Textual Amendments

F1 Words in s. 698(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), ss. 50, 53(1), Sch. 4 para. 132(2); S.I. 2005/1126, art. 2(2)(h)

F2 Word in s. 698(3)(4) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), ss. 50, 53(1), Sch. 4 para. 132(3)(c); S.I. 2005/1126, art. 2(2)(h)