The Overseas Life Insurance Companies Regulations 2006

Modifications of the Finance Act 1989

22.—(1) Modify section 83(1) (receipts to be taken into account) as follows.

(2) In subsection (2)(a) and (d) after “income” insert—

“so far as such income falls to be attributed, for the purposes of section 11AA(2) of the Taxes Act 1988, to the permanent establishment in the United Kingdom through which the company carries on life assurance business”.

(3) In subsection (3)—

(a) for “assets are added to the company’s long-term insurance fund” substitute—

“assets become assets of the long-term insurance fund used or held for the purposes of the company’s United Kingdom permanent establishment, having immediately previously been held by the company otherwise than as assets of that fund or used or held otherwise than for those purposes”, and

(b) after “amount” insert “equal to the value of the assets added”.

(4) In subsection (6)—

(a) in paragraph (a) at the end insert “or”, and

(b) omit paragraph (b).

(5) In subsection (8) after the definition of “add” insert—

““assets” means those assets that fall to be attributed, for the purposes of section 11AA(2), to the permanent establishment in the United Kingdom through which the company carries on life assurance business;”.

(1)

Section 83 was substituted by paragraph 16(1) of Schedule 8 to the Finance Act 1995 and relevantly amended by paragraph 4 of Schedule 31 to the Finance Act 1996, sections 170 and 216 of, and paragraph 2 of Schedule 33 to, the Finance Act 2003, articles 54, 56 and 60(1)(a) of S.I. 2001/3629 and articles 7 and 8 of S.I. 2004/3266.