SCHEDULES
SCHEDULE 26Certification of SAYE savings arrangements
1
Chapter 4 of Part 6 of ITTOIA 2005 (SAYE interest) is amended as follows.
Transfer of certain functions from Treasury to HMRC
2
1
Section 705 (certification of arrangements) is amended as follows.
2
In subsections (1) and (2), for “Treasury”
(in each place) substitute “
Commissioners
”
.
3
After subsection (4) insert—
5
In this Chapter “the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs.
3
In section 706(1) and (2)
(withdrawal and variation of certifications etc), for “Treasury” substitute “
Commissioners
”
.
4
In section 707(1)
(authorisation of providers), for “Treasury” substitute “
Commissioners
”
.
5
1
Section 708 (withdrawal and variation of authorisations) is amended as follows.
2
In subsections (1) and (2), for “Treasury” substitute “
Commissioners
”
.
3
In subsection (4), for “Treasury of its” substitute “
Commissioners of their
”
.
Removal of requirement that notice be sent by post
6
In the following provisions omit “by post”—
a
section 706(2)(b) (notification of withdrawal and variation of certifications etc), and
b
section 708(2)(b) (notification of withdrawal and variation of authorisations).
Reduction of notice period for withdrawals and variations
7
In section 706(2)(b)
(notification of withdrawal and variation of certifications etc), for “28 days” substitute “
15 days
”
.
Power to provide for withdrawals and variations not to affect certain contracts
8
In section 706(3) (transitional provision for withdrawals and variations of certifications), for the words from “the operation of” to the end substitute—
a
the operation of the arrangement concerned before that date,
b
contracts made under that arrangement before that date, or
c
where the notice so provides, contracts which are of a description specified in the notice and are made under that arrangement after that date.