Part II Insurance Premium Tax
Taxable intermediaries and their fees
27 Supplementary provisions.
1
The M1Finance Act 1994 shall be amended in accordance with the following provisions of this section.
2
In section 53A (information required to keep register up to date) in subsection (1)(b), after the words “register kept under section 53” there shall be inserted “
or 53AA
”
.
3
In section 55 (credit)—
a
after “insurer”, wherever occurring other than in subsection (2), there shall be inserted “
or taxable intermediary
”
;
b
in subsection (1), after “premium” there shall be inserted “
or taxable intermediary’s fee (as the case may be)
”
;
c
in subsection (3)(f), after “registrable” there shall be inserted “
(whether under section 53 or section 53AA)
”
;
d
in subsection (5), after “insurer’s” there shall be inserted “
or taxable intermediary’s
”
; and
e
in subsection (8)(a), after “premium” there shall be inserted “
or taxable intermediary’s fee
”
.
4
In section 57 (tax representatives)—
a
after “insurer”, wherever occurring, there shall be inserted “
or taxable intermediary
”
;
b
after “insurer’s”, wherever occurring, there shall be inserted “
or taxable intermediary’s
”
; and
c
in subsection (1)(a), after “registered under section 53” there shall be inserted “
or, as the case may be, section 53AA
”
.
5
In section 58 (rights and duties of tax representatives)—
a
after “insurer”, wherever occurring, there shall be inserted “
or taxable intermediary
”
; and
b
after “insurer’s”, wherever occurring, there shall be inserted “
or taxable intermediary’s
”
.
6
In section 59 (review of Commissioners’ decisions) in subsection (1) (which specifies the kinds of decision to which the section applies) after paragraph (b) there shall be inserted—
bb
whether a payment falls to be treated under section 52A(2) above as a premium received under a taxable insurance contract by an insurer and chargeable to tax at the higher rate;
7
In section 62 (partnership, bankruptcy, transfer of business etc) in subsections (1) and (5), after “insurer”, wherever occurring, there shall be inserted “
or taxable intermediary
”
.
8
In section 63(1) (which details the functions of representative members of groups of companies)—
a
after paragraph (a) there shall be inserted—
aa
any business carried on by a member of the group who is a taxable intermediary shall be treated as carried on by the representative member,
b
after paragraph (b) there shall be inserted—
bb
the representative member shall be taken to be the taxable intermediary in relation to any taxable intermediary’s fees as regards which a member of the group is the actual taxable intermediary,
9
In section 73 (interpretation) in subsection (1) there shall be inserted at the appropriate places—
a
“taxable intermediary” shall be construed in accordance with section 52A above;
b
“taxable intermediary’s fees” has the meaning given by section 53AA(9) above.
10
At the beginning of subsection (3) of that section (meaning of “registrable person”) there shall be inserted “
Subject to subsection (3A) below,
”
and after that subsection there shall be inserted—
3A
References in sections 53A and 54 above and paragraphs 1, 9 and 12 of Schedule 7 to this Act to a registrable person include a reference to a person who—
a
is registered under section 53AA above; or
b
is liable to be registered under that section.
11
In Schedule 7, in paragraph 14 (penalty for failing to register under section 53)—
a
in sub-paragraph (1), after “section 53(2)” there shall be inserted “
or 53AA(3)
”
; and
b
in sub-paragraph (2)(a), after “section 53” there shall be inserted “
or, as the case may be, section 53AA
”
.