The Insurance Premium Tax Regulations 1994

PART I PRELIMINARY

Citation and commencement

1.  These Regulations may be cited as the Insurance Premium Tax Regulations 1994 and shall come into force on 1st August 1994.

Interpretation

2.—(1) In these Regulations—

• “accounting period” means—

  (a)

  in the case of a registered person, each period of three months ending on the dates notified to him by the Commissioners, whether by means of a certificate of registration issued by them or otherwise;

  (b)

  in the case of a registrable person who is not registered, each quarter; or

  (c)

  in the case of any registrable person, such other period in relation to which he is required by or under regulation 12 to make a return;

  and, in every case, the first accounting period of a registrable person shall commence on the effective date determined in accordance with section 53 of the Act upon which the person was or should have been registered;

• “the Act” means Part III of the Finance Act 1994

• “Collector” means a Collector, Deputy Collector or Assistant Collector of Customs and Excise

• “Lloyd's” means the society incorporated by section 3 of Lloyd’s Act 1871(1);

• “managing agent” has the same meaning as in section 12(1) of Lloyd’s Act 1982(2);

• “registered person” means a person who is registered under section 53 of the Act and, except in regulation 30, “register” and “registration” shall be construed accordingly;

• “registration number” means the unique identifying number allocated to a registered person and notified to him by the Commissioners;

• “return” means a return which is required to be made in accordance with regulation 12;

• “underwriting member” has the same meaning as in section 2(1) of Lloyd’s Act 1982.

(2) Any reference in these Regulations to “this Part” is a reference to the Part of these Regulations in which that reference is made.

(3) Any reference in these Regulations to a form prescribed in the Schedule to these Regulations shall include a reference to a form which the Commissioners are satisfied is a form to the like effect.

Requirement, direction, demand or approval

3.  Any requirement, direction, demand or approval by the Commissioners under or for the purposes of these Regulations shall be made or given by a notice in writing.

(1)

34 & 35 Vict.c.xxi.

(2)

1982 c.xiv.