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TAXING TEXTS LOST IN TRANSLATION.

Examples of gobbledygook from financial service providers: "General saving for old savings: 12. - (1) The revocation by these regulations of a provision previously revoked subject to savings does not affect the continued operation of those savings.

(2) The revocation by these regulations of a saving on the previous revocation of a provision does not affect the operation of the saving in so far as it is not specifically reproduced in these regulations but remains capable of having effect."

(From Schedule One to other Income Tax [Construction Industry Scheme] Regulations) "Our view of the high-yield market remains constructive. However, interest rates appear to be a headwind.

High yield has lower duration than most fixed income products, but it is being impacted, nevertheless.

The current environment is negatively influenced by technicals more than fundamentals.

We continue to see default rates decline which is benefited by an improving economy."

(From a financial institution's interim report) "4.7.9A E Conduct of the following type falls within APER 4.7.2E: An approved person with responsibility for a firm's compliance with TC ('A') failing to implement a system requiring A's prior approval before any other approved person ('B') within that firm carries out an activity within a controlled function different to the activity that B carried out within that controlled function immediately prior to the proposed change."

(Annex C from Reviewing the Financial Services Authority Handbook) Source: Plain English Campaign
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Title Annotation:Features
Publication:Western Mail (Cardiff, Wales)
Date:Jul 26, 2010
Words:236
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