The Personal Pension Schemes (Establishment of Schemes) Order 1997

• Citation: S.I. 1997/2388
• Sections: 5

Section 1 Citation and commencement

This Order may be cited as the Personal Pension Schemes (Establishment of Schemes) Order 1997 and shall come into force on 24th October 1997.

Section 2 Interpretation

In this Order “section 632” means section 632 of the Income and Corporation Taxes Act 1988 .

Section 3 Amendments to section 632

In subsection (1) of section 632—

(a) after paragraph (a) there shall be inserted—

(aa) an EC company which—

(i) lawfully carries on long term business in the United Kingdom, or

(ii) lawfully provides long term insurance in the United Kingdom;

(b) after paragraph (d) there shall be added—

(e) an institution which—

(i) is a European institution within the meaning of regulation 3(1) of the Banking Coordination (Second Council Directive) Regulations 1992 , and

(ii) in conformity with the conditions and requirements of those Regulations, carries on in the United Kingdom, through a branch established in the United Kingdom for that purpose, or by the provision of services, any activity falling within item 1, 7 or 11 of the list of activities contained in Schedule 1 to those Regulations.

Section 4 Amendments to section 632

After subsection (2) of section 632 there shall be inserted—

(2ZA) For the purposes of subsection (1)(aa) above an EC company—

(a) lawfully carries on long term business in the United Kingdom if it does so through a branch in respect of which such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982 as are applicable have been complied with;

(b) lawfully provides long term insurance in the United Kingdom if such of those requirements as are applicable have been complied with in respect of the insurance.

Section 5 Amendments to section 632

After subsection (2A) of section 632 there shall be inserted—

(2B) For the purposes of this section—

(a) references to an EC company shall be construed in accordance with section 2(6) of the Insurance Companies Act 1982 ;

(b) references to long term business shall be construed in accordance with section 1(1) of that Act;

(c) references to the provision of long term insurance in the United Kingdom shall be construed in accordance with section 96A(3A) of that Act .