Commentary on Sections Overview Overview Section 697: Special requirements for certain foreign managers
2677.This section contains the powers under which regulations may be made to provide rules for foreign institutions to be plan managers if they fulfil certain requirements. It is based on section 333A of ICTA.
2678.Subsection (2) defines “foreign institution”. Subsection (2)(c) includes non-UK resident insurance companies within the definition. Non-resident insurance companies are now included here rather than in a rewrite of section 333B(4) of ICTA, which provides for regulations to be made about non-resident insurance companies appointing United Kingdom tax representatives. See Change 114 in Annex 1.