 | |
| |
Miscellaneous |
| Statutory immunity. |
193. - (1) Neither the scheme manager nor any person who is, or is acting as, its board member, officer or member of staff is to be liable in damages for anything done or omitted in the discharge, or purported discharge, of the scheme manager's functions.
|
| |
(2) Subsection (1) does not apply-
|
| |
(a) if the act or omission is shown to have been in bad faith; or |
| |
(b) so as to prevent an award of damages made in respect of an act or omission on the ground that the act or omission was unlawful as a result of section 6(1) of the Human Rights Act 1998. |
| Management expenses. |
194. - (1) The amount which the scheme manager may recover, from the sums levied under the scheme, as management expenses attributable to a particular period may not exceed such amount as may be fixed by the scheme as the limit applicable to that period.
|
| |
(2) In calculating the amount of any levy to be imposed by the scheme manager, no amount may be included to reflect management expenses unless the limit mentioned in subsection (1) has been fixed by the scheme.
|
| |
(3) "Management expenses" means expenses incurred, or expected to be incurred, by the scheme manager in connection with its functions under this Act other than those incurred-
|
| |
(a) in paying compensation; |
| |
(b) as a result of any provision of the scheme made by virtue of section 187(3) or (4) or 188(1), (3) or (6). |
| Tax treatment of levies and repayments. |
195. - (1) In the Income and Corporation Taxes Act 1988 ("the 1988 Act"), after section 76, insert-
|
| |
| "Levies under the Financial Services and Markets Compensation Scheme. |
76A. - (1) In computing the amount of the profits to be charged under Case I of Schedule D arising from a trade carried on by an authorised person-
|
 |
(a) to the extent that it would not be deductible apart from this section, any sum expended by the authorised person in paying a levy under the Financial Services and Markets Compensation Scheme may be deducted as an allowable expense; |
| |
(b) any payment which is made to the authorised person by the scheme manager as a result of any provision made by virtue of section 185(1)(e) of the Financial Services and Markets Act 1999 is to be treated as a trading receipt. |
| |
(2) In this section "authorised person" and "scheme manager" have the same meaning as in the Financial Services and Markets Act 1999."
|
|
| |
(2) In section 75 of the 1988 Act (expenses of management: investment companies), after subsection (5), insert-
|
| |
|
"(5A) For the purposes of this section any sums paid by a company by way of a levy under the Financial Services and Markets Compensation Scheme shall be treated as part of its expenses of management.
|
| |
(5B) If the scheme manager makes a payment to a company as a result of any provision made by virtue of section 185(1)(e) of the Financial Services and Markets Act 1999, the company shall be charged to tax under Case VI of Schedule D on the amount of that payment."
|
|
| |
(3) In section 76 of the 1988 Act (expenses of management: insurance companies), for subsection (7) substitute-
|
| |
|
"(7) For the purposes of this section any sums paid by a company by way of a levy under the Financial Services and Markets Compensation Scheme shall be treated as part of its expenses of management."
|
|
| Scheme manager's power to inspect documents held by Official Receiver etc. |
196. - (1) If, as a result of the insolvency or bankruptcy of a relevant person, any documents have come into the possession of the Official Receiver, he must permit any person authorised by the scheme manager to inspect the documents for the purpose of establishing-
|
| |
(a) the identity of persons to whom the scheme manager may be liable to make a payment in accordance with the compensation scheme; or |
| |
(b) the amount of any payment which the scheme manager may be liable to make. |
| |
(2) A person inspecting a document under this section may take copies or extracts from the document.
|
| |
(3) In this section "relevant person" means a person who was-
|
| |
(a) an authorised person at the time the act or omission which may give rise to the liability mentioned in subsection (1)(a) took place; or |
| |
(b) an appointed representative at that time. |
| |
(4) But a person who qualified for authorisation under Schedule 3 at that time is not to be regarded as a relevant person for the purposes of this section in relation to any activities for which he had permission as a result of any provision of, or made under, that Schedule unless he was a member of the scheme in relation to those activities at that time.
|
| |
(5) "Official Receiver" includes-
|
| |
(a) the Official Receiver for Northern Ireland; and |
| |
(b) the Accountant in Bankruptcy. |
