Section 526: Power to make regulations about personal portfolio bonds
2062.This section is based on section 553C of ICTA. But the powers given here for the Treasury to make regulations apply only to certain aspects of the charge on gains treated as arising under section 525. See Change 94 in Annex 1.
2063.The regulations contained in PPB(T)R, in so far as they apply to determine the amount of the gain under the special charge and how that gain is charged to income tax, are rewritten in the preceding sections. The regulations remain in place in respect of calculating and charging gains to corporation tax. The regulations also remain in place as regards the duties of insurers in sections 552 to 552B of ICTA.
2064.To the extent that the regulations are rewritten for income tax purposes in these sections, the powers in section 553C of ICTA are spent.
2065.The power given is to make regulations about the administration of this charge, which in practice means regulations in connection with the duties of insurers.
