SCHEDULES
C1SCHEDULE 3 Additional Provisions with Respect to Levies on Authorised Insurance Companies
Restrictions on the imposition of the levies
1
No levy may be imposed by the Board under section 21 above before the beginning of the financial year ending with 31st March 1977.
2
1
The amounts required to be paid by any company under general business levies imposed by the Board in any financial year shall not exceed one per cent. of any income of the company for the year ending last before the beginning of that financial year which is income liable to the general business levy.
2
The amounts required to be paid by any company under long term business levies imposed by the Board in any financial year shall not exceed one per cent. of any income of the company for the year ending last before the beginning of that financial year which is income liable to the long term business levy.
3
The Board may not impose a levy for the purpose of financing expenditure of any description unless—
a
the expenditure in question has already been incurred by the Board; or
b
it appears to the Board that the expenditure will be incurred within twelve months of the imposition of the levy.
Declaration and enforcement of levies
6
1
Subject to paragraphs 1 to 3 above, levies may be imposed by the Board under section 21 above at such times and at such rates in relation to income of authorised insurance companies liable to the general business levy or to the long term business levy as the Board may determine.
2
On imposing a levy under section 21 above, the Board shall send notice of the rate of levy to every authorised insurance company which may in the opinion of the Board have had income liable to the levy for the year ending last before the financial year in which the levy is imposed.
3
A notice under sub-paragraph (2) above shall indicate—
a
whether the levy is a general business levy or a long term business levy;
b
what description of income is income liable to the levy in question; and
c
the purpose for which the levy is being imposed;
and shall specify the rate of the levy as a percentage of the income liable to the levy.
4
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7
1
An insurance company to which notice of the rate of a levy is sent under paragraph 6 above shall pay to the Board within one month of the date of the notice the percentage specified in the notice of any income of the company for the year ending last before the financial year in which the levy is imposed which is income liable to the levy in question.
2
Any sum due to the Board in respect of a levy imposed under section 21 above shall be recoverable in any court of competent jurisdiction.
F15Notices under paragraphs 4 and 6
Sch. 3 para. 8 inserted by Companies Act 1989 (c. 40, SIF 27), s. 210(5)
8
A notice under paragraph 4 or 6 above may be sent by post, and a letter containing such a notice shall be deemed to be properly addressed if it is addressed to the insurance company to which it is sent at its last known place of business in the United Kingdom.
F168A
1
The F17Treasury may by regulations made by statutory instrument—
a
make provision for the purpose of securing, in relation to a company which at any time—
i
is an insurance company to which this Act applies, and
ii
does not have any business establishment or other fixed establishment in the United Kingdom,
that another person is the company’s levy representative at that time, and
b
make provision with respect to the functions of a person who is a company’s levy representative under paragraph (a) above.
2
Regulations under paragraph (b) of sub-paragraph (1) above may, in particular, impose on a person who is a company’s levy representative under paragraph (a) of that sub-paragraph obligations and liabilities relating to the company’s obligations and liabilities under this Schedule.
3
Regulations under this paragraph may contain such supplementary, incidental and consequential provisions as the F17Treasury thinks fit.
4
In sub-paragraph (2) above, references to obligations include obligations enforceable under the criminal law and references to liabilities include criminal penalties.
Power to amend Sch. 3 conferred by Insurance Companies Act 1982 (c. 50, SIF 67), s. 67(4)
Sch. 3: functions made exercisable by, or by employees of, such person as may be authorised in that behalf by the Treasury (18.11.1998) by S.I. 1998/2842, art. 2, Sch. Pt. II para. 63(e)