xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
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 [F1tax year] F2... in which such a certificate is delivered, and in the circumstances described in paragraph 9, to supply to the [F3Board] 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.
Textual Amendments
F1Words in Sch. para. 7(b) substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(7)(a)
F2Words in Sch. para. 7(b) omitted (27.10.2008) by virtue of The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(7)(b)
F3Word in Sch. para. 7(b) substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(7)(c)
Commencement Information
I1Sch. para. 7 in force at 6.4.1999, see reg. 1
[F48. For the purpose of this undertaking a relevant event is a chargeable event within the meaning of Chapter 9 of Part 4 of ITTOIA 2005 in respect of which an insurer is under an obligation to deliver a certificate under section 552.]U.K.
Textual Amendments
F4Sch. paras. 8, 8A substituted for Sch. para. 8 (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(8)
Commencement Information
I2Sch. para. 8 in force at 6.4.1999, see reg. 1
[F48A. For the purposes of this Part of this Schedule, in the determination of the amount of a gain in connection with a policy or contract, no account is to be taken of the effect of section 541A of ITTOIA 2005.]U.K.
Textual Amendments
F4Sch. paras. 8, 8A substituted for Sch. para. 8 (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(8)
9. The circumstances described in this paragraph are where the aggregate amount of connected gains [F5in the tax year] exceeds one half of the basic rate limit [F6that tax 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
[F7(c)both gains arise in the same tax year.]
Textual Amendments
F5Words in Sch. para. 9 substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(9)(a)
F6Words in Sch. para. 9 substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(9)(b)
F7Sch. para. 9(c) substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(9)(c)
Commencement Information
I3Sch. para. 9 in force at 6.4.1999, see reg. 1
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 [F8536, apart from section 536(7), of ITTOIA 2005];
(f)whether the policy holder is to be treated as having paid income tax at the basic F9... rate on the amount of the gain in accordance with [F10530, apart from section 528, of ITTOIA 2005].
Textual Amendments
F8Words in Sch. para. 10(e) substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(10)(a)
F9Words in Sch. para. 10(f) omitted (27.10.2008) by virtue of The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(10)(b)(i)
F10Words in Sch. para. 10(f) substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(10)(b)(ii)
Commencement Information
I4Sch. para. 10 in force at 6.4.1999, see reg. 1