20.—(1) Amend section 326A (tax-exempt special savings accounts)(1) 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)(2)—
(a)in paragraphs (b), (c) and (cd) after “and other” insert “persons and”;
(b)in paragraphs (cc) and (d) after “building society” insert “, person”.
Section 326A was inserted, together with sections 326B and 326C, by section 28(1) of the Finance Act 1990 and relevantly amended by section 63(2) and (3) of the Finance Act 1995.
Section 326C was relevantly amended by section 62(3) of the Finance Act 1995.