Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1996
| Jurisdiction | UK Non-devolved |
| Citation | SI 1996/1 |
| Year | 1996 |
1996 No. 1
INCOME TAX
The Insurance Companies (Pension Business)(Transitional Provisions) (Amendment) Regulations 1996
Made 2nd January 1996
Laid before the House of Commons 3rd January 1996
Coming into force 24th January 1996
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 19881, 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 19922and “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 19953) 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”.
6. In regulation 5—
(a) after the words “claiming a provisional prepayment” there shall be inserted the words “or a notional repayment”;
(b) in paragraph (a), after the words “by way of provisional repayment” there shall be inserted the words “or notional repayment”...
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