The Income Tax (Life Assurance Premium Relief) Regulations 1978

Interpretation

2.—(1) In these Regulations unless the context otherwise requires:—

“the Board” means the Commissioners of Inland Revenue;

“authorised officer” in relation to a life office means an official authorised for the purposes of these Regulations by resolution of the life office's Board, except that—

(a)

in relation to a registered friendly society, it means an official so authorised by resolution of the society's committee of management, and

(b)

in relation to underwriters falling within subsection (2)(a)(ii) of section 19 of the Income and Corporation Taxes Act 1970, it means the underwriting agent through whom their business is carried on;

“deficiency” means a deficiency recoverable under paragraph 5(b) of Schedule 4;

“financial year” in relation to a life office means a period for which the office makes up its accounts;

“four-weekly accounting period” means the period of 28 days commencing on 1st January in a calendar year, and each succeeding period throughout the year being a period of 28 days, except that a period including 29th February and the period commencing on 3rd December shall be extended to 29 days;

“income tax month” means the period beginning on the 6th day of any calendar month and ending on the 5th day of the folowing calendar month; and in Regulations 6 and 7 below, in relation to an income tax month—

(a)

“relevant calendar month” means a calendar month falling partly in the income tax month, and

(b)

“component part” means the part falling within it of a relevant calendar month;

“industrial branch business” means industrial assurance business as defined in section 1(2) of the Industrial Assurance Act 1923 or the Industrial Assurance Act (Northern Ireland) 1924;

“insurance” includes a contract for a deferred annuity;

“life office” means any such body as is mentioned in section 19(2)(a) of the Income and Corporation Taxes Act 1970 as amended by paragraph 3 of Schedule 4;

“net of deduction” means net of the deduction authorised by paragraph 5 of Schedule 4 (or by that paragraph as modified by Regulation 4 below);

“ordinary branch business” means life assurance business other than industrial branch business;

“Schedule 4” means Schedule 4 to the Finance Act 1976.

(2) The Interpretation Act 1889 shall apply for the interpretation of these Regulations as it applies for the interpretation of an Act of Parliament.