Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1996

Cited as:SI 1996/1
Jurisdiction:UK Non-devolved

1996No. 1

INCOME TAX

The Insurance Companies (Pension Business)

(Transitional Provisions) (Amendment) Regulations 1996

2ndJanuary1996

3rdJanuary1996

24thJanuary1996

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by paragraph 4(1), (2), (4) and (6) of Schedule 19AB to the Income and Corporation Taxes Act 1988 ( a), hereby make the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1996 and shall come into force on 24th January 1996.

Interpretation

2. In these Regulations "the principal Regulations" means the Insurance Companies (Pensions Business) (Transitional Provisions) Regulations 1992 ( b) and "regulation" means a regulation of those Regulations.

Amendments to the principal Regulations

3. In regulation 1, for the word "Pensions" there shall be substituted the word "Pension".

4. In regulation 2-

(a) after the definition of "maximum reduced entitlement" there shall be inserted-

""notional repayment" shall be construed in accordance with paragraph 1A of Schedule 19AB (treated as inserted by regulation 6 of the Insurance Companies (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 ( c)) and, in relation to a notional repayment, "provisional repayment period" shall be construed in accordance with that paragraph of that Schedule;"; and

(b) in the definition of "provisional repayment", after the words "Schedule 19AB and" there shall be inserted the words", in relation to a provisional repayment,".

5. In regulation 4, in paragraph (1), after the words "any provisional repayment" there shall be inserted the words "or any notional repayment".

(a) 1988 c.1; Schedule 19AB was inserted by section 49 of, and Schedule 8 to, the Finance Act 1991 (c. 31) with effect in relation to accounting periods of insurance companies beginning on or after 2nd October 1992 by virtue of S.I. 1992/1746 (C.58). By virtue of powers conferred on the Treasury under section 51B(3)(b) of the Income and Corporation Taxes Act 1988, inserted by section 78(1) of the Finance Act 1995 (c.4), the operation of paragraph 4 was modified in relation to cases where payments of interest on gilt-edged securities are made without deduction of tax to companies carrying on pension business by regulations 4 to 10 of S.I. 1995/3223.

(b) S.I. 1992/2326, amended by S.I. 1993/3109,...

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