Introduction Details of the Section
2.Subsection (1) introduces the power and explains that it can be applied to deal with the tax consequences in relation to securities in consequence of any regulatory requirements imposed by EU legislation or other enactments that affect persons who are authorised under the Financial Services Management Act 2000 (FSMA) or their parent undertakings.
3.Subsection (2) provides examples of the way in which the power might be exercised.
4.Subsection (3) ensures that references to enactments, EU legislation or documents in regulations made under the power may automatically be updated to reflect any subsequent amendments to enactments, EU legislation, documents or provisions referred to in the regulations.
5.Subsection (4) sets out the type of changes that may be made to the taxation of securities by regulations made under this power.
6.Subsections (5) and (6) provide that regulations made under the power will be made by Statutory Instrument and must be approved in draft by a resolution of the House of Commons (known as the draft affirmative procedure).
7.Subsection (7) provides definitions of various terms used within this provision.