(1)The enactments relating to corporation tax have effect in relation to overseas life insurance companies subject to such modifications and exceptions as the Treasury may prescribe by regulations.
(2)The power to make regulations under this section includes power to make provision in place of, and in consequence to repeal or revoke, all or any of the enactments relating to corporation tax that on the passing of this Act make provision in relation to overseas life insurance companies.
(3)Regulations under this section—
(a)may make different provision for different cases, and
(b)may make such consequential amendments of other enactments as appear to the Treasury to be necessary or expedient.
[F1(4)Regulations under this section may be made so as to have effect in relation to accounting periods or periods of account (whenever beginning) which end on or after the day on which the regulations come into force.]
(5)In this section—
“enactment” includes an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978 (c. 30), and
“overseas life insurance company” means an insurance company (as defined in section 431(2) of the Taxes Act 1988) that is not resident in the United Kingdom but carrying on life assurance business (as so defined) through a permanent establishment in the United Kingdom.
Textual Amendments
F1S. 156(4) substituted (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 17