The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) Regulations 2008

Modification of the Corporation Tax Acts

2.—(1) For the purposes of Part 2 of Schedule 18A to the Income and Corporation Taxes Act 1988, the Corporation Tax Acts, and provisions made under them, shall have effect with the modifications—

(a) in regulation 3, in relation to EEA life insurance companies, and

(b) in regulation 4, in relation to EEA general insurers.

(2) For the purposes of these Regulations —

“EEA general insurer” means an EEA company whose business consists of, or includes, the effecting or carrying out of contracts falling within Part 1 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(1); and

“EEA life insurance company” means an EEA company whose business consists of, or includes, the effecting or carrying out of contracts falling within Part 2 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

(3) In paragraph (2)—

“EEA company” means a non-resident company—

(a)

which is resident in an EEA territory; or

(b)

which is not so resident but which carries on a trade in an EEA territory through a permanent establishment.

(4) In paragraph (3)—

“EAA territory” has the meaning given in section 413(2) of the Income and Corporation Taxes Act 1988(2), and

“non-resident” means a company which is not resident in the United Kingdom.

(1)

S.I. 2001/544.

(2)

The definition of “EEA territory” was inserted by paragraph 5 of Schedule 1 to the Finance Act 2006.