The Insurance Companies (Calculation of Profits: Policy Holders’ Tax) (Amendment) Regulations 2010

Amendment of regulation 4

6.  For regulation 4 substitute—

“Interpretation of regulations 3 and 3A

4.— (1) In regulation 3 “the latest company tax return” means the company tax return for the latest preceding accounting period of the company or the transferor company for which such a return has been delivered before the day on which these Regulations come into force.

(2) In regulations 3 and 3A “an insurance business transfer scheme” means a scheme falling within section 105 of the Financial Services and Markets Act 2000(1), including an excluded scheme falling within Case 2, 3, 4 or 5 of subsection (3) of that section.

(3) In regulation 3A—

“long-term business”; and

“long-term insurance fund”

have the meanings given by section 431(2) of the Income and Corporation Taxes Act 1988(2)..”.

(1)

2000 c. 8; section 105 was amended by SI 2007/3253 and by 2008/948.

(2)

1988 c. 1; section 431(2) was relevantly amended by paragraph 1 of Schedule 6 to the Finance Act 1990 (c. 29); by Part V(26) of Schedule 41 to the Finance Act 1996 (c. 8); by articles 26(5) and 52 of SI 2001/3629 and by articles 2 and 4 of S.I. 2008/1381.