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The Personal Portfolio Bonds (Tax) Regulations 1999
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- UK Statutory Instruments
- 1999 No. 1029
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations make provision for a yearly charge to tax on gains treated as arising in relation to policies of life insurance, contracts for life annuities and capital redemption policies that are personal portfolio bonds, and for the application of the provisions in Chapter II of Part XIII of the Income and Corporation Taxes Act 1988 (“the 1988 Act”) in relation to those gains. The Regulations have effect in relation to years (as defined) ending on or after 6th April 2000.
Regulation 1 provides for citation, commencement and effect, and regulation 2 for interpretation.
Regulation 3 provides for special exclusions from being personal portfolio bonds, for certain policies and contracts made before 17th March 1998.
Regulation 4 defines “personal portfolio bond” for the purposes of the Regulations, subject to regulation 3.
Regulation 5 provides for the computation of the gain treated as arising in relation to personal portfolio bonds.
Regulation 6 applies with modifications the charging provision in section 547 of the 1988 Act in relation to gains computed in accordance with regulation 5, excludes section 550 of the 1988 Act from applying to personal portfolio bonds, and applies and provides for other modifications of Chapter II of Part XIII of the 1988 Act.
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