PART IIIU.K.UNDERTAKING BY OVERSEAS INSURER – POST 5TH APRIL 2000 INSURANCES
7. The terms of the undertaking referred to in regulation 12(1)(c)(ii) are that the overseas insurer undertakes–U.K.
(a)within three months after a relevant event occurs in connection with a policy or contract, to deliver to the policy holder a certificate containing the information referred to in paragraph 10; and
(b)within three months after the end of each year of assessment, or where the policy holder is a company each financial year, in which such a certificate is delivered, and in the circumstances described in paragraph 9, to supply to the inspector a copy of that certificate;
where to the best of the overseas insurer’s information and belief the policy holder was resident in the United Kingdom immediately before the relevant event occurred.
8. For the purposes of this undertaking a relevant event is a chargeable event within the meaning of Chapter II of Part XIII of the Taxes Act in respect of which an insurer is under an obligation to deliver a certificate under section 552 of the Taxes Act.U.K.
9. The circumstances described in this paragraph are where the aggregate amount of connected gains in the year of assessment or financial year exceeds one half of the basic rate limit for that year of assessment or for the year of assessment corresponding to that financial year and, for the purposes of this paragraph, a gain is connected with another gain where–U.K.
(a)both gains arise in connection with policies or contracts containing obligations which, immediately before the relevant event in question, were obligations of the same overseas insurer;
(b)the policy holder of those policies and contracts is the same; and
(c)both gains arise in the same year of assessment or, where the policy holder is a company, the same financial year.
10. The information referred to in this paragraph is–U.K.
(a)the name and address of the policy holder;
(b)any unique identifying designation given to the policy or contract in connection with which the relevant event has occurred;
(c)the date and nature of the relevant event;
(d)the amount of the gain;
(e)the number of years relevant for computing the appropriate fraction of the gain for the purposes of section 550(3) of the Taxes Act();
(f)whether the policy holder is to be treated as having paid income tax at the basic rate on the amount of the gain in accordance with section 547(5)(a) of the Taxes Act.