PART IGENERAL

Interpretation2

1

In these Regulations unless the context otherwise requires—

  • “the Board” means the Commissioners of Inland Revenue;

  • “branch” includes agency;

  • “credit insurance business” has the meaning given by subsection (7) of section 444BD;

  • “credit insurance equalisation reserve” means a reserve which is an equivalent reserve for the purposes of section 444BD by virtue of subsection (3) of that section;

  • “double taxation relief” has the meaning given by subsection (6) of section 444BB;

  • “EC company” has the same meaning as in the 1982 Act2;

  • “equivalent reserve” shall be construed in accordance with section 444BD;

  • “the Management Act” means the Taxes Management Act 19703;

  • “paragraph 52 method of accounting on a non-annual basis” means the method of accounting on a non-annual basis described in paragraph 52 of Schedule 9A to the Companies Act 19854;

  • “return period” means the period covered in a document prepared by an insurance company for the purposes of section 17 of the 1982 Act;

  • “section 34A regulations” means regulations made under section 34A of the 1982 Act5;

  • “section 444BA”, “section 444BB”, “section 444BC” and “section 444BD” mean sections 444BA, 444BB, 444BC and 444BD respectively of the Taxes Act6;

  • “the Taxes Act” means the Income and Corporation Taxes Act 19887;

  • “the 1982 Act” means the Insurance Companies Act 19828.

2

In these Regulations “statutory accounts”, in relation to a company, means—

a

the annual accounts of the company prepared in accordance with Part VII of the Companies Act 1985, or

b

if the company is not required to prepare such accounts, the accounts which it is required to keep under the law of its home state or, if it is not so required to keep accounts, such of its accounts as most closely correspond to accounts which it would have been required to prepare if the provisions of that Part applied to the company.

3

For the purposes of these Regulations a return period and an accounting period are related if any day falls within both the return period and the accounting period.