Explanatory Note
These Regulations supplement section 552A of the Income and Corporation Taxes Act 1988 (“the Taxes Act”) which provides for non-resident insurance companies to have tax representatives in the United Kingdom for the purpose of securing the discharge by or on behalf of the non-resident of the duties imposed on insurers in relation to relevant insurances by section 552 of the Taxes Act and regulations made under that section (“the relevant duties”). The Regulations come into force on 6th April 1999.
Regulation 1 provides for citation and commencement.
Regulation 2 contains definitions.
Regulation 3 provides that the designated day for the purposes of section 552A of the Taxes Act is 6th April 1999.
Regulation 4 provides for the form in which a nomination of a tax representative by an overseas insurer is to be made and for the information which is to be provided in connection with a nomination.
Regulation 5 provides for the procedure of approving or refusing to approve a nomination, for the grounds on which the Commissioners of Inland Revenue (“the Board”) may refuse to approve a nomination and for notice to be given by the Board requiring further information.
Regulation 6 provides for the termination by the Board of a person’s appointment as a tax representative.
Regulation 7 provides for the termination by the overseas insurer of the appointment of a person nominated by him as his tax representative and for the nomination of another person in his place.
Regulation 8 provides for notice to be given by the tax representative of an overseas insurer that he no longer wishes to be his tax representative and for the nomination by the overseas insurer of another person in his place.
Regulation 9 provides for the nomination by an overseas insurer of another tax representative in place of one who has became bankrupt or died or, in the case of a company or partnership, has been dissolved or wound up.
Regulation 10 provides for the appointment by the Board of a person to be the tax representative of an overseas insurer in certain circumstances.
Regulation 11 provides for the making of other arrangements between the Board and an overseas insurer for the purpose of securing the discharge of the relevant duties by or on behalf of the overseas insurer.
Regulation 12 provides for the release of an overseas insurer from the requirement to nominate a tax representative where the insurer is resident in a state in the European Economic Area in which it is a criminal offence to disclose information to the Inland Revenue about relevant insurances, the amount of premiums from relevant insurances is nil or negligible or the insurer enters into an undertaking to supply information in relation to chargeable events happening in connection with policies or contracts held by United Kingdom residents.
Regulation 13 provides for appeals against certain decisions of the Board.
Part I of the Schedule contains further definitions and Parts II and III set out the undertakings to be entered into by overseas insurers in connection with chargeable events happening before 6th April 2000 and on and after 6th April 2000 respectively.