Income Tax (Trading and Other Income) Act 2005 section 705

Certification of arrangements

Section 705 sets out how linked savings arrangements are certified by HMRC and the power of the Commissioners to impose requirements on institutional arrangements.

• A linked savings arrangement must be certified by the Commissioners as such, and institutional arrangements must also meet any additional requirements the Commissioners specify
• The Commissioners have broad discretion to set whatever requirements they consider appropriate for institutional arrangements
• Requirements may cover who can enter into contracts, the contributions they pay, and the sums paid or repaid to them
• Different requirements may be set for bank arrangements, building society arrangements, and European authorised institution arrangements