- Latest available (Revised)
- Original (As made)
The Insurance Companies (Calculation of Profits: Policy Holders’ Tax) (Amendment) Regulations 2008
You are here:
- UK Statutory Instruments
- 2008 No. 1906
- Whole Instrument
- Previous
- Next
What Version
Opening Options
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
2008 No. 1906
Corporation Tax
The Insurance Companies (Calculation of Profits: Policy Holders’ Tax) (Amendment) Regulations 2008
Made
17th July 2008
Laid before the House of Commons
18th July 2008
Coming into force
8th August 2008
The Treasury make the following Regulations in exercise of the powers conferred by section 82A of the Finance Act 1989(1).
Citation, commencement and effect
1.—(1) These Regulations may be cited as the Insurance Companies (Calculation of Profits: Policy Holders’ Tax) (Amendment) Regulations 2008 and shall come into force on 8th August 2008.
(2) These Regulations shall have effect in relation to periods of account beginning on or after 1st January 2008 and ending on or after these Regulations come into force.
Amendment of the Insurance Companies (Calculation of Profits: Policy Holders’ Tax) Regulations 2003
2.—(1) The Insurance Companies (Calculation of Profits: Policy Holders’ Tax) Regulations 2003(2) are amended as follows.
(2) In regulation 4 in sub-paragraph (b) for “or 4” substitute “, 4 or 5”.
Claire Ward
Dave Watts
Two of the Lords Commissioners of Her Majesty’s Treasury
17th July 2008
EXPLANATORY NOTE
(This note is not part of the Regulations)
The Insurance Companies (Calculation of Profits: Policy Holders’ Tax) Regulations 2003 (“the principal Regulations”) make provision for the purposes of section 82A of the Finance Act 1989 (c. 26) for a deduction for tax expended on behalf of policy holders or annuitants in computing the profits of an insurance company in respect of its life assurance business under Case 1 of Schedule D of the Income and Corporation Taxes Act 1988 (c. 1). These Regulations amend the principal Regulations.
The basis on which the deduction is permitted under the principal Regulations includes cases where an insurance company is the transferee of life assurance business under a “insurance business transfer scheme” within the meaning of section 105 of the Financial Services and Markets Act 2000 (c. 8). The Reinsurance Directive Regulations 2007 (S.I.2007/3253) amend section 105 to include an additional case. The amendment made by these Regulations is consequential.
Regulation 1 provides for citation, commencement and effect. Authority for the Regulations having effect in relation to periods of account which began on or after 1st January 2008 and which end on a date on or after the Regulations come into force is contained in section 82A(3)(b) of the Finance Act 1989.
Regulation 2 amends regulation 4 of the principal Regulations by inserting the additional case.
A full and final Impact Assessment has not been produced for this instrument as a negligible impact on the private or voluntary sectors is foreseen.
(1)
c. 26. Section 82A was inserted by section 170 of, and paragraph 1 of Schedule 33 to, the Finance Act 2003 (c. 14).
(2)
Options/Help
Print Options
PrintThe Whole Instrument
Legislation is available in different versions:
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.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.