Regulation 29
SCHEDULE 2U.K.Treasury licences: purposes
InterpretationU.K.
1. In this Schedule
“designated person” has the same meaning as it has in Part 3 (Finance);
“frozen funds or economic resources” means funds or economic resources frozen by virtue of regulation 9, and any reference to a person's frozen funds or economic resources is to funds or economic resources frozen as a consequence of the designation of that person for the purposes of that regulation.
Commencement Information
I1Sch. 2 para. 1 not in force at made date, see reg. 1(2)
I2Sch. 2 para. 1 in force at 31.12.2020 on IP completion day by S.I. 2019/627, reg. 9(2); 2020 c. 1, Sch. 5 para. 1(1)
Basic needsU.K.
2.—(1) To enable the basic needs of a designated person, or (in the case of an individual) any dependent family member of such a person, to be met.
(2) In the case of an individual in sub-paragraph (1) “basic needs” includes—
(a)medical needs;
(b)needs for—
(i)food;
(ii)[F1payment] of insurance premiums;
(iii)[F2payment] of tax;
(iv)rent or mortgage payments;
(v)utility payments.
(3) In the case of a person other than an individual in sub-paragraph (1) “basic needs” includes needs for—
(a)payment of insurance premiums;
(b)payment of reasonable fees for the provision of property management services;
(c)payment of remuneration, allowances or pensions of employees;
(d)payment of tax;
(e)rent or mortgage payments;
(f)utility payments.
(4) In sub-paragraph (1)—
“dependent” means financially dependent;
“family member” includes—
the wife or husband of the designated person;
the civil partner of the designated person;
any parent or other ascendant of the designated person;
any child or other descendant of the designated person;
any person who is a brother or sister of the designated person, or a child or other descendant of such a person.
Textual Amendments
F1Word in Sch. 2 para. 2(2)(b)(ii) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2020 (S.I. 2020/591), regs. 1(2), 6(5); S.I. 2020/1514, reg. 5
F2Word in Sch. 2 para. 2(2)(b)(iii) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2020 (S.I. 2020/591), regs. 1(2), 6(5); S.I. 2020/1514, reg. 5
Commencement Information
I3Sch. 2 para. 2 not in force at made date, see reg. 1(2)
I4Sch. 2 para. 2 in force at 31.12.2020 on IP completion day by S.I. 2019/627, reg. 9(2); 2020 c. 1, Sch. 5 para. 1(1)
Legal servicesU.K.
3. To enable the payment of—
(a)reasonable professional fees for the provision of legal services, or
(b)reasonable expenses associated with the provision of legal services.
Commencement Information
I5Sch. 2 para. 3 not in force at made date, see reg. 1(2)
I6Sch. 2 para. 3 in force at 31.12.2020 on IP completion day by S.I. 2019/627, reg. 9(2); 2020 c. 1, Sch. 5 para. 1(1)
Maintenance of frozen funds and economic resourcesU.K.
4. To enable the payment of—
(a)reasonable fees, or
(b)reasonable service charges,
arising from the routine holding or maintenance of funds or economic resources.
Commencement Information
I7Sch. 2 para. 4 not in force at made date, see reg. 1(2)
I8Sch. 2 para. 4 in force at 31.12.2020 on IP completion day by S.I. 2019/627, reg. 9(2); 2020 c. 1, Sch. 5 para. 1(1)
Extraordinary expensesU.K.
5. To enable an extraordinary expense of a designated person to be met.
Commencement Information
I9Sch. 2 para. 5 not in force at made date, see reg. 1(2)
I10Sch. 2 para. 5 in force at 31.12.2020 on IP completion day by S.I. 2019/627, reg. 9(2); 2020 c. 1, Sch. 5 para. 1(1)