The Individual Savings Account (Insurance Companies) Regulations 1998

Modifications of the Taxes Act

20.—(1) Schedule 19AB(1), other than paragraphs 3 and 4, as it has effect in relation to provisional repayment periods falling in accounting periods ending on or after the day appointed under section 199 of the Finance Act 1994 for the purposes of Chapter III of Part IV of that Act (corporation tax self-assessment), shall apply in relation to individual savings account business of insurance companies as it applies in relation to pension business of such companies, with the modifications specified in regulation 21.

(2) Paragraph 3 of Schedule 19AB shall apply in relation to pension business and individual savings account business taken together, so that references to repayments are references to the aggregate of amounts relating to pension business and individual savings account business, with the modifications specified in regulation 21 and the following additional modifications—

(a) in sub-paragraph (1A)—

(i) after the words “pension business”, where they first occur, there shall be inserted “and individual savings account business”;

(ii) in paragraph (a) after the words “pension business” there shall be added “and individual savings account business”;

(iii) in paragraph (b) for the words “pension business” there shall be substituted “individual savings account business”;

(b) in sub-paragraph (1C) after the words “pension business”, in both places where they occur, there shall be inserted “and individual savings account business”.

(1)

Schedule 19AB was inserted by Schedule 8 to the Finance Act 1991 and amended by Part I of Schedule 34 to the Finance Act 1996 (c. 8).