- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
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7.—(1) In its application to an overseas life insurance company the Taxation of Chargeable Gains Act 1992(1) has effect with the following modifications.
(2) In Schedule 7B —
(a)in paragraph 1 omit the words from “; and” to the end of the paragraph;
(b)after paragraph 1 insert —
“1A. In section 10B(1)(b) the words “situated in the United Kingdom and” are omitted.”(2);
(c)omit paragraphs 2, 3, 4, 5, 6, 6A, 6B and 7A;
(d)for paragraph 8 substitute —
“8. In section 185(4) —
(a)in paragraph (a), omit “are situated in the United Kingdom and”;
(b)in paragraph (b), omit “are so situated and”.”;
(e)omit paragraph 9;
(f)omit paragraph 9A(3);
(g)in paragraph 10 —
(i)in sub-paragraph (1), for the subsection (5A) treated as inserted into section 212, substitute –
“(5A) In its application to an overseas life insurance company, this section shall have effect as if the references in subsections (1) and (2) to assets were to such of the assets concerned as fall to be attributed, for the purposes of section 11AA(2) of the Taxes Act, to the permanent establishment in the United Kingdom through which the company carries on life assurance business.”;
(ii)omit sub-paragraph (2);
(h)in paragraph 11 —
(i)in sub-paragraph (1), in the words treated as inserted in section 213(4), for “branch or agency” substitute “permanent establishment”;
(ii)omit sub-paragraph (1A)(4);
(i)omit paragraphs 12 and 13;
(j)omit paragraph 14;
(k)in paragraph 15 —
(i)omit sub-paragraph (1);
(ii)in sub-paragraph (2), for “In that paragraph” substitute “In Schedule 7A, in paragraph 1”;
(l)omit paragraph 16.
Section 10B is inserted into the Taxation of Chargeable Gains Act 1992 by section 149(4) of the Finance Act 2003.
This paragraph is rendered otiose by virtue of section 214BA of the Taxation of Chargeable Gains Act 1992 (inserted by section 170 of, and paragraph 32 of Schedule 33 to, the Finance Act 2003), and sections 431(2) and 444B of, and Schedule 19AC to, the Taxes Act. Paragraph 6 of Schedule 19AC (which modifies section 431(2)) is amended by regulation 3(4)(h) above.
This sub-paragraph is rendered otiose for the reasons in the preceding footnote.
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