http://www.legislation.gov.uk/uksi/2008/2626/regulation/7/madeThe Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008Income taxTaxLegislationenKing's Printer of Acts of Parliament2018-03-02INCOME TAXThese Regulations amend the Overseas Insurers (Tax Representatives) Regulations 1999 (S.I. 1999/881 amended by S.I. 2001/2726, 2002/443 and 2004/3272) (“the principal Regulations”). The treatment of gains made by companies on or from investments in life insurance contracts was altered by Schedule 13 to the Finance Act 2008 (“FA 2008”), which brought the treatment of such gains into the loan relationships regime within Chapter 2 of Part 4 of the Finance Act 1996 (c. 8). Schedule 14 to FA 2008 made consequential changes including paragraph 3 and 7 of Schedule 14 which repealed the provisions of Chapter II of Part XIII (except section 552 to 552B) of the Income and Corporation Taxes Act 1988 (“ICTA”). These Regulations make amendments consequential to the changes made by Schedules 13 and 14 to FA 2008. These Regulations also make changes which update references to provisions of ICTA in the principal Regulations with corresponding rewritten provisions of the Income Tax (Trading and Other Income) Act 2005 (“ITTOIA”) and update references following changes made by the Commissioners for Revenue and Customs Act 2005 (“CRCA 2005”) and the Finance Act 2007 (“FA 2007”).Amendment of the Schedule: general7.(1)

Amend the Schedule as follows.

(2)

In paragraph 1—

(a)

in the definition of “basic rate limit” for “section 1(3)(a) of the Taxes Act” substitute “section 20(2) of the Income Tax Act 2007”

2007 c. 3.

;

(b)

omit the definition of “financial year”;

(c)

in the definition of “gain”

The definition of “gain” was amended by S.I. 2001/2726 and 2002/443.

for “section 541, 543, 545 or 546C” substitute “Chapter 9 of Part 4 of ITTOIA 2005”;

(d)

omit the definition of “inspector”;

(e)

omit the definition of “year of assessment”; and

(f)

at the end insert—

“tax year” has the meaning given by section 4(2) of the Income Tax Act 2007.

.

(3)

Omit paragraph 2.

(4)

In paragraph 3—

(a)

for “year of assessment” substitute “tax year” (in both places);

(b)

omit “or where the policy holder is a company each financial year,”;

(c)

for “inspector” substitute “Board”; and

(d)

omit “or financial year”.

(5)

In paragraph 4—

(a)

for “Chapter II of Part XIII of the Taxes Act” substitute “Chapter 9 of Part 4 of ITTOIA 2005”; and

(b)

for sub-paragraph (d) substitute—(d)

by reason of which the aggregate sum payable, or other benefits to be conferred, by the overseas insurer exceeds twice the basic rate limit for the tax year in which it occurs.

.

(6)

In paragraph 5—

(a)

for “the year of assessment in which it occurs” substitute “the tax year in which it occurs”;

(b)

omit “or for the year of assessment corresponding to the financial year in which it occurs, as the case may be,”;

(c)

for “that year of assessment” substitute “that tax year”; and

(d)

omit “or that financial year”.

(7)

In paragraph 7(b)—

(a)

for “year of assessment” substitute “tax year”;

(b)

omit “, or where the policy holder is a company each financial year,”; and

(c)

for “inspector” substitute “Board”.

(8)

For paragraph 8

Paragraph 8 was substituted by S.I. 2002/443.

substitute—
8.

For the purpose of this undertaking a relevant event is a chargeable event within the meaning of Chapter 9 of Part 4 of ITTOIA 2005 in respect of which an insurer is under an obligation to deliver a certificate under section 552.

8A.

For the purposes of this Part of this Schedule, in the determination of the amount of a gain in connection with a policy or contract, no account is to be taken of the effect of section 541A of ITTOIA 2005

Section 541A was inserted by section 29(3) of the Finance Act 2007 (c. 11).

.

.

(9)

In paragraph 9—

(a)

for “in the year of assessment or financial year” substitute “in the tax year”;

(b)

for “that year of assessment or for the year of assessment corresponding to that financial year” substitute “that tax year”; and

(c)

for sub-paragraph (c) substitute—(c)

both gains arise in the same tax year.

.

(10)

In paragraph 10

Paragraph 10 was amended by S.I. 2002/443 and 2004/3272.

(a)

in sub-paragraph (e), for “550(3), apart from section 553(3)” substitute “536, apart from section 536(7), of ITTOIA 2005”; and

(b)

in sub-paragraph (f)—

(i)

omit “or lower”, and

(ii)

for “547(5)(a), apart from section 553(8)” substitute “530, apart from section 528, of ITTOIA 2005”.

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<dc:description>These Regulations amend the Overseas Insurers (Tax Representatives) Regulations 1999 (S.I. 1999/881 amended by S.I. 2001/2726, 2002/443 and 2004/3272) (“the principal Regulations”). The treatment of gains made by companies on or from investments in life insurance contracts was altered by Schedule 13 to the Finance Act 2008 (“FA 2008”), which brought the treatment of such gains into the loan relationships regime within Chapter 2 of Part 4 of the Finance Act 1996 (c. 8). Schedule 14 to FA 2008 made consequential changes including paragraph 3 and 7 of Schedule 14 which repealed the provisions of Chapter II of Part XIII (except section 552 to 552B) of the Income and Corporation Taxes Act 1988 (“ICTA”). These Regulations make amendments consequential to the changes made by Schedules 13 and 14 to FA 2008. These Regulations also make changes which update references to provisions of ICTA in the principal Regulations with corresponding rewritten provisions of the Income Tax (Trading and Other Income) Act 2005 (“ITTOIA”) and update references following changes made by the Commissioners for Revenue and Customs Act 2005 (“CRCA 2005”) and the Finance Act 2007 (“FA 2007”).</dc:description>
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<num>(1)</num>
<content>
<p>Amend the Schedule as follows.</p>
</content>
</paragraph>
<paragraph eId="regulation-7-2">
<num>(2)</num>
<intro>
<p>In paragraph 1—</p>
</intro>
<level class="para1" eId="regulation-7-2-a">
<num>(a)</num>
<content>
<p>
in the definition of “basic rate limit” for “section 1(3)(a) of the Taxes Act” substitute “section 20(2) of the Income Tax Act 2007”
<authorialNote class="footnote" eId="f00006" marker="6">
<p>
<ref eId="c00016" href="http://www.legislation.gov.uk/id/ukpga/2007/3">2007 c. 3</ref>
.
</p>
</authorialNote>
;
</p>
</content>
</level>
<level class="para1" eId="regulation-7-2-b">
<num>(b)</num>
<content>
<p>omit the definition of “financial year”;</p>
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<num>(c)</num>
<content>
<p>
in the definition of “gain”
<authorialNote class="footnote" eId="f00007" marker="7">
<p>
The definition of “gain” was amended by
<ref eId="c00017" href="http://www.legislation.gov.uk/id/uksi/2001/2726">S.I. 2001/2726</ref>
and
<ref eId="c00018" href="http://www.legislation.gov.uk/id/uksi/2002/443">2002/443</ref>
.
</p>
</authorialNote>
for “section 541, 543, 545 or 546C” substitute “Chapter 9 of Part 4 of
<abbr title="the Income Tax (Trading and Other Income) Act 2005 c. 5">ITTOIA 2005</abbr>
”;
</p>
</content>
</level>
<level class="para1" eId="regulation-7-2-d">
<num>(d)</num>
<content>
<p>omit the definition of “inspector”;</p>
</content>
</level>
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<num>(e)</num>
<content>
<p>omit the definition of “year of assessment”; and</p>
</content>
</level>
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<num>(f)</num>
<content>
<p>
<mod>
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</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-7-3">
<num>(3)</num>
<content>
<p>Omit paragraph 2.</p>
</content>
</paragraph>
<paragraph eId="regulation-7-4">
<num>(4)</num>
<intro>
<p>In paragraph 3—</p>
</intro>
<level class="para1" eId="regulation-7-4-a">
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<content>
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</content>
</level>
<level class="para1" eId="regulation-7-4-b">
<num>(b)</num>
<content>
<p>omit “or where the policy holder is a company each financial year,”;</p>
</content>
</level>
<level class="para1" eId="regulation-7-4-c">
<num>(c)</num>
<content>
<p>for “inspector” substitute “Board”; and</p>
</content>
</level>
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<num>(d)</num>
<content>
<p>omit “or financial year”.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-7-5">
<num>(5)</num>
<intro>
<p>In paragraph 4—</p>
</intro>
<level class="para1" eId="regulation-7-5-a">
<num>(a)</num>
<content>
<p>
for “Chapter
<abbr class="acronym" title="2">II</abbr>
of Part XIII of the Taxes Act” substitute “Chapter 9 of Part 4 of
<abbr title="the Income Tax (Trading and Other Income) Act 2005 c. 5">ITTOIA 2005</abbr>
”; and
</p>
</content>
</level>
<level class="para1" eId="regulation-7-5-b">
<num>(b)</num>
<content>
<p>
<mod>
for sub-paragraph (d) substitute—
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<content>
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</intro>
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<num>(a)</num>
<content>
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</content>
</level>
<level class="para1" eId="regulation-7-6-b">
<num>(b)</num>
<content>
<p>omit “or for the year of assessment corresponding to the financial year in which it occurs, as the case may be,”;</p>
</content>
</level>
<level class="para1" eId="regulation-7-6-c">
<num>(c)</num>
<content>
<p>for “that year of assessment” substitute “that tax year”; and</p>
</content>
</level>
<level class="para1" eId="regulation-7-6-d">
<num>(d)</num>
<content>
<p>omit “or that financial year”.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-7-7">
<num>(7)</num>
<intro>
<p>In paragraph 7(b)—</p>
</intro>
<level class="para1" eId="regulation-7-7-a">
<num>(a)</num>
<content>
<p>for “year of assessment” substitute “tax year”;</p>
</content>
</level>
<level class="para1" eId="regulation-7-7-b">
<num>(b)</num>
<content>
<p>omit “, or where the policy holder is a company each financial year,”; and</p>
</content>
</level>
<level class="para1" eId="regulation-7-7-c">
<num>(c)</num>
<content>
<p>for “inspector” substitute “Board”.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-7-8">
<num>(8)</num>
<content>
<p>
<mod>
For paragraph 8
<authorialNote class="footnote" eId="f00008" marker="8">
<p>
Paragraph 8 was substituted by
<ref eId="c00019" href="http://www.legislation.gov.uk/id/uksi/2002/443">S.I. 2002/443</ref>
.
</p>
</authorialNote>
substitute—
<quotedStructure startQuote="" endQuote="" uk:context="unknown" uk:docName="unknown" ukl:TargetClass="unknown" ukl:TargetSubClass="unknown" ukl:Context="unknown" ukl:Format="double">
<article>
<num>8.</num>
<content>
<p>
For the purpose of this undertaking a relevant event is a chargeable event within the meaning of Chapter 9 of Part 4 of
<abbr title="the Income Tax (Trading and Other Income) Act 2005 c. 5">ITTOIA 2005</abbr>
in respect of which an insurer is under an obligation to deliver a certificate under section 552.
</p>
</content>
</article>
<article>
<num>8A.</num>
<content>
<p>
For the purposes of this Part of this Schedule, in the determination of the amount of a gain in connection with a policy or contract, no account is to be taken of the effect of section 541A of
<abbr title="the Income Tax (Trading and Other Income) Act 2005 c. 5">ITTOIA 2005</abbr>
<authorialNote class="footnote" eId="f00009" marker="9">
<p>
Section 541A was inserted by section 29(3) of the Finance Act
<ref eId="c00020" href="http://www.legislation.gov.uk/id/ukpga/2007/11">2007 (c. 11)</ref>
.
</p>
</authorialNote>
.
</p>
</content>
</article>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
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</content>
</paragraph>
<paragraph eId="regulation-7-9">
<num>(9)</num>
<intro>
<p>In paragraph 9—</p>
</intro>
<level class="para1" eId="regulation-7-9-a">
<num>(a)</num>
<content>
<p>for “in the year of assessment or financial year” substitute “in the tax year”;</p>
</content>
</level>
<level class="para1" eId="regulation-7-9-b">
<num>(b)</num>
<content>
<p>for “that year of assessment or for the year of assessment corresponding to that financial year” substitute “that tax year”; and</p>
</content>
</level>
<level class="para1" eId="regulation-7-9-c">
<num>(c)</num>
<content>
<p>
<mod>
for sub-paragraph (c) substitute—
<quotedStructure startQuote="" endQuote="" uk:context="unknown" uk:docName="unknown" ukl:TargetClass="unknown" ukl:TargetSubClass="unknown" ukl:Context="unknown" ukl:Format="double">
<level class="para1">
<num>(c)</num>
<content>
<p>both gains arise in the same tax year.</p>
</content>
</level>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-7-10">
<num>(10)</num>
<intro>
<p>
In paragraph 10
<authorialNote class="footnote" eId="f00010" marker="10">
<p>
Paragraph 10 was amended by
<ref eId="c00021" href="http://www.legislation.gov.uk/id/uksi/2002/443">S.I. 2002/443</ref>
and
<ref eId="c00022" href="http://www.legislation.gov.uk/id/uksi/2004/3272">2004/3272</ref>
.
</p>
</authorialNote>
</p>
</intro>
<level class="para1" eId="regulation-7-10-a">
<num>(a)</num>
<content>
<p>
in sub-paragraph (e), for “550(3), apart from section 553(3)” substitute “536, apart from section 536(7), of
<abbr title="the Income Tax (Trading and Other Income) Act 2005 c. 5">ITTOIA 2005</abbr>
”; and
</p>
</content>
</level>
<level class="para1" eId="regulation-7-10-b">
<num>(b)</num>
<intro>
<p>in sub-paragraph (f)—</p>
</intro>
<level class="para2" eId="regulation-7-10-b-i">
<num>(i)</num>
<content>
<p>omit “or lower”, and</p>
</content>
</level>
<level class="para2" eId="regulation-7-10-b-ii">
<num>(ii)</num>
<content>
<p>
for “547(5)(a), apart from section 553(8)” substitute “530, apart from section 528, of
<abbr title="the Income Tax (Trading and Other Income) Act 2005 c. 5">ITTOIA 2005</abbr>
”.
</p>
</content>
</level>
</level>
</paragraph>
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