PART 2AMENDMENTS TO PRIMARY LEGISLATION

The Income and Corporation Taxes Act 1988 (c. 1)

Tax-exempt special savings accounts20

1

Amend section 326A (tax-exempt special savings accounts)23 in accordance with paragraphs (2) to (5) below.

2

In subsection (4) for the words “an institution authorised under the Banking Act 1987” substitute “a person falling within section 840A(1)(b)”.

3

In subsection (5) after “society” insert “, person”.

4

In subsection (9) after “society” insert “, person”.

5

For subsection (10) substitute—

10

In this section “relevant European institution” means an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits.

6

In section 326B(3) (loss of exemption for special savings accounts) after “society” insert “, person”.

7

In section 326C(1) (power of Board to make supplementary regulations in relation to tax-exempt special savings accounts)24

a

in paragraphs (b), (c) and (cd) after “and other” insert “persons and”;

b

in paragraphs (cc) and (d) after “building society” insert “, person”.