1986 c. 53.

Number 17 of 1989.

1986 c. 60.

1982 c. 50.

S.I.1996/943.

1992 c. 12; section 272 was amended by paragraph 12 of Schedule 38 to the Finance Act 1996 (c. 8).

Subsection (6) was amended by section 113 of the Finance Act 1994 (c. 9).

http://www.legislation.gov.uk/uksi/1999/1029/regulation/2/madeThe Personal Portfolio Bonds (Tax) Regulations 1999INCOME TAXKing's Printer of Acts of Parliament2016-04-26INCOME TAXThese Regulations make provision for a yearly charge to tax on gains treated as arising in relation to policies of life insurance, contracts for life annuities and capital redemption policies that are personal portfolio bonds, and for the application of the provisions in Chapter II of Part XIII of the Income and Corporation Taxes Act 1988 (“the 1988 Act”) in relation to those gains. The Regulations have effect in relation to years (as defined) ending on or after 6th April 2000.2Interpretation1

In these Regulations unless the context otherwise requires–

“building society” means a building society within the meaning of the Building Societies Act 1986, or the Irish Building Societies Act 1989;

“collective investment scheme” has the meaning given by section 75 of the Financial Services Act 1986, and “interest” in relation to a collective investment scheme means the beneficial entitlement (however described) of a participant (within the meaning of that section);

“company” has the meaning given by section 832(1) and (2) of the Taxes Act;

“insurance company” means an insurance company within the meaning of the Insurance Companies Act 1982;

“internal linked fund” has the meaning given by regulation 3(1) of the Insurance Companies (Accounts and Statements) Regulations 1996;

“market value” shall be construed in accordance with section 272 of the Taxation of Chargeable Gains Act 1992;

“personal portfolio bond” has the meaning given by regulation 4, subject to regulation 3;

“policy holder”, except in regulation 4(1), includes a holder of a life annuity contract;

“recognised stock exchange” has the meaning given by section 841 of the Taxes Act;

“security” has the same meaning as in section 132(3)(b) of the Taxation of Chargeable Gains Act 1992;

“share” includes stock;

“the Taxes Act” means the Income and Corporation Taxes Act 1988;

“unit trust scheme” has the meaning given by subsection (6) of section 468 of the Taxes Act;

“warrant” has the same meaning as in paragraphs 4 and 28(4) of Schedule 1 to the Financial Services Act 1986;

“year” in relation to a personal portfolio bond means a year as defined in section 546(4) of the Taxes Act, and “the final year” has the meaning given by that section.

2

In these Regulations references to the premium paid, or the amount of the premium paid, include–

a

references to lump sum, or any other, consideration,

b

where more than one amount is payable by way of premium in respect of the policy or contract, references to the aggregate of the premiums paid, and

c

references to the market value at the date of transfer of any property other than cash transferred to the insurance company in satisfaction of any premium.

3

In these Regulations references to a section, without more, are to that section of the Taxes Act.

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<noteRef href="#f00002" class="footnote" marker="2"/>
, or the Irish Building Societies Act 1989
<noteRef href="#f00003" class="footnote" marker="3"/>
;
</p>
</item>
<item>
<p>
“collective investment scheme” has the meaning given by section 75 of the Financial Services Act 1986
<noteRef href="#f00004" class="footnote" marker="4"/>
, and “interest” in relation to a collective investment scheme means the beneficial entitlement (however described) of a participant (within the meaning of that section);
</p>
</item>
<item>
<p>
“company” has the meaning given by section 832(1) and (2) of the
<abbr title="Income and Corporation Taxes Act 1988 c. 1" xml:lang="">Taxes Act</abbr>
;
</p>
</item>
<item>
<p>
“insurance company” means an insurance company within the meaning of the Insurance Companies Act 1982
<noteRef href="#f00005" class="footnote" marker="5"/>
;
</p>
</item>
<item>
<p>
“internal linked fund” has the meaning given by regulation 3(1) of the Insurance Companies (Accounts and Statements) Regulations 1996
<noteRef href="#f00006" class="footnote" marker="6"/>
;
</p>
</item>
<item>
<p>
“market value” shall be construed in accordance with section 272 of the Taxation of Chargeable Gains Act 1992
<noteRef href="#f00007" class="footnote" marker="7"/>
;
</p>
</item>
<item>
<p>“personal portfolio bond” has the meaning given by regulation 4, subject to regulation 3;</p>
</item>
<item>
<p>“policy holder”, except in regulation 4(1), includes a holder of a life annuity contract;</p>
</item>
<item>
<p>
“recognised stock exchange” has the meaning given by section 841 of the
<abbr title="Income and Corporation Taxes Act 1988 c. 1" xml:lang="">Taxes Act</abbr>
;
</p>
</item>
<item>
<p>“security” has the same meaning as in section 132(3)(b) of the Taxation of Chargeable Gains Act 1992;</p>
</item>
<item>
<p>“share” includes stock;</p>
</item>
<item>
<p>
“the
<abbr title="Income and Corporation Taxes Act 1988 c. 1" xml:lang="">Taxes Act</abbr>
” means the Income and Corporation Taxes Act 1988;
</p>
</item>
<item>
<p>
“unit trust scheme” has the meaning given by subsection (6) of section 468 of the
<abbr title="Income and Corporation Taxes Act 1988 c. 1" xml:lang="">Taxes Act</abbr>
<noteRef href="#f00008" class="footnote" marker="8"/>
;
</p>
</item>
<item>
<p>“warrant” has the same meaning as in paragraphs 4 and 28(4) of Schedule 1 to the Financial Services Act 1986;</p>
</item>
<item>
<p>
“year” in relation to a personal portfolio bond means a year as defined in section 546(4) of the
<abbr title="Income and Corporation Taxes Act 1988 c. 1" xml:lang="">Taxes Act</abbr>
, and “the final year” has the meaning given by that section.
</p>
</item>
</blockList>
</content>
</paragraph>
<paragraph eId="regulation-2-2">
<num>2</num>
<intro>
<p>In these Regulations references to the premium paid, or the amount of the premium paid, include–</p>
</intro>
<subparagraph eId="regulation-2-2-a">
<num>a</num>
<content>
<p>references to lump sum, or any other, consideration,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-2-2-b">
<num>b</num>
<content>
<p>where more than one amount is payable by way of premium in respect of the policy or contract, references to the aggregate of the premiums paid, and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-2-2-c">
<num>c</num>
<content>
<p>references to the market value at the date of transfer of any property other than cash transferred to the insurance company in satisfaction of any premium.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-2-3">
<num>3</num>
<content>
<p>
In these Regulations references to a section, without more, are to that section of the
<abbr title="Income and Corporation Taxes Act 1988 c. 1" xml:lang="">Taxes Act</abbr>
.
</p>
</content>
</paragraph>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>