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(This note is not part of the Regulations)
These Regulations amend the Life Assurance and Other Policies (Keeping of Information and Duties of Insurers) Regulations 1997 (S.I. 1997/265 as amended by S.I. 2002/444) (“the principal Regulations”).
The provisions of Chapter II of Part XIII of the Income and Corporation Taxes Act 1988 (“ICTA”) have been re-enacted as provisions of the Income Tax (Trading and Other Income) Act 2005 (“ITTOIA”). Paragraph 3 and 7 of Schedule 14 to the Finance Act 2008 (c. 9) (“FA 2008”) repealed the provisions of Chapter II of Part XIII of ICTA (except section 552 to 552B). These Regulations make an amendment in consequence of those changes and an amendment as a consequence of the Commissioners for Revenue and Customs Act 2005 (“CRCA 2005”).
Regulation 1 provides for citation and commencement of these Regulations.
Regulation 2 amends the definition of “the Board” in regulation 2(1) of the principal Regulations as a consequence of the CRCA 2005 and also substitutes for the reference, in regulation 2(3) of the principal Regulations, to Chapter II of Part XIII of ICTA (which provisions were repealed by FA 2008), a reference to the corresponding provisions of ITTOIA.
A full impact assessment has not been produced for this instrument as a no impact on the private or voluntary sectors is foreseen.
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