Income Tax (Trading and Other Income) Act 2005 section 697

Special requirements for certain foreign managers

Section 697 sets out the power for investment plan regulations to impose special requirements on foreign institutions wishing to act as plan managers for individual investment plans.

• Regulations may require a foreign institution to satisfy one of the conditions in section 698 regarding how it discharges specified duties before it can act as a plan manager
• A foreign institution includes a non-UK resident insurance company, among other categories
• The regulations may specify different duties for different institutions or different types of institution
• An insurance company is defined as an undertaking that effects or carries out contracts of insurance, with the meaning of "contract of insurance" drawn from the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001