- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
Schedule 19AB to the Income and Corporation Taxes Act 1988 provides that insurance companies carrying on pension business shall be entitled to provisional repayments of tax on pension business investment income. However, during a transitional period, the Commissioners of Inland Revenue may make provision, by regulations, for the amount of a provisional repayment to be reduced by a prescribed percentage for any accounting period ending during that transitional period. The regulations may prescribe different percentages for accounting periods ending after different dates.
The Insurance Companies (Pensions Business) (Transitional Provisions) Regulations 1992 (S. I.1992/2326) (“the principal Regulations”) made provision for the transitional period to apply to accounting periods ending after 2nd October 1992 and before 1st January 1999, and prescribed 7.5 per cent. as the percentage by which the amount of a provisional repayment should be reduced during the transitional period.
The Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1993 (S. I.1993/3109) amended the principal Regulations by prescribing 7.5 per cent. as the percentage by which the amount of a provisional repayment should be reduced for an accounting period ending after 2nd October 1992 and before 1st January 1994, and 12.5 per cent. in any other case.
These Regulations further amend the principal Regulations by prescribing 12.5 per cent. as the appropriate percentage for an accounting period ending after 31st December 1993 and before 1st January 1995, and 10 per cent. for an accounting period ending after 31st December 1994.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: