Finance Act 2008

ICTA

4 (1) Section 552 (information: duty of insurers) is amended as follows.

(2) In subsection (3), omit—

(a) the words from “(or” to “year)”, and

(b) “, and the corresponding financial year,”.

(3) In subsection (5)—

(a) in paragraph (b)—

(i) omit “section 546C(7)(a) of this Act and”, and

(ii) for “the year and the insurance year end” substitute “the insurance year ends”, and

(b) in paragraph (c), omit—

(i) “this Chapter and”,

(ii) in sub-paragraph (i), “the amount or value of any relevant capital payments and”,

(iii) in sub-paragraph (iii), the words from the beginning to “656 and”, and

(iv) in sub-paragraph (v), the words from the beginning to “year and”.

(4) In subsection (6)—

(a) in paragraph (b)—

(i) omit “section 546C(7)(a) of this Act (and”,

(ii) omit the closing bracket after “2005”, and

(iii) for “the year (and the insurance year)” substitute “the insurance year”, and

(b) in paragraph (c), omit “section 546C(7)(a) of this Act (and” and the closing bracket after “2005”.

(5) In subsection (7)—

(a) in paragraph (a), omit “, or, where the policy holder is a company, the financial year,”, and

(b) in paragraph (b), for the words from “section 546C(7)(a)” to “insurance year)” substitute “section 514(1) of ITTOIA 2005, the period of three months following the end of the insurance year”.

(6) In subsection (8)(c), omit the words from “or” to “financial year”.

(7) In subsection (9)—

(a) in the words before paragraph (a), omit “or financial year”,

(b) in paragraph (a), for the words from “section 546C(7)(b)” to the end substitute “subsection (1) of section 514 of ITTOIA 2005, the year of assessment which includes the end of the insurance year mentioned in subsection (3) and (4) of that section;”, and

(c) in paragraph (b) omit “or financial year”.

(8) In subsection (10)—

(a) in the definition of “amount”, omit “section 553(3) of this Act and”,

(b) in the definition of “chargeable event”, omit “this Chapter and”,

(c) omit the definition of “financial year”,

(d) after that definition insert—

““insurance year” has the same meaning as in Chapter 9 of Part 4 of ITTOIA 2005 (see section 499 of that Act);”,

(e) in the definition of “the relevant year of assessment”, omit paragraph (b) and the “or” before it, and

(f) omit the definitions of “section 546 excess” and “year”.

(9) Omit subsection (11).

(10) In subsection (13), omit “section 548A above or”.