Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 1996
| Jurisdiction | UK Non-devolved |
| Citation | SI 1996/1621 |
1996No. 1621
INCOME TAX
The Insurance Companies (Taxation of Reinsurance Business)
(Amendment) Regulations 1996
24thJune1996
24thJune1996
15thJuly1996
The Commissioners of Inland Revenue, in exercise of the powers conferred on them by sections 431C and 442A(2), (3), (5) and (6) of the Income and Corporation Taxes Act 1988( a),and paragraph 58 Schedule 8 to the Finance Act 1995( b),hereby make the following Regulations:
Citation, commencement and effect
1.-(1) These Regulations may be cited as the Insurance Companies (Taxa- tion of Reinsurance Business) (Amendment) Regulations 1996 and shall come into force on 15th July 1996.
(2) Regulations 3, 4 and 5(b) shall have effect with respect to accounting periods beginning on or after 1st January 1995.
(3) Regulation 5(a) shall have effect with respect to accounting periods ending on or after 15th July 1996.
Interpretation
2. In these Regulations "the principal Regulations" means the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995( c), and "regulation" means a regulation of the principal Regulations.
Amendments to the principal Regulations
3. In regulation 3 for the words from "C is" to "Taxes Act" there shall be substituted-
"C is the aggregate of-
(a) so much of any amount payable by the reinsurer to the cedant company during that accounting period as a result of the death, illness, or infirmity of, or accident to, any person as does not exceed the amount which would have been paid by the reinsurer if the policy had been surrendered immediately before the death, illness, or infirmity of, or accident to, that person, and(b) other amounts paid by the reinsurer to the cedant company during that accounting period, being sums paid by way of commission or as a result of the(a) 1988 c.1; section 431C was inserted by paragraph 2, and section 442A was inserted by paragraph 34, of Schedule 8 to the Finance Act 1995 (c.4).
(b) 1995 c.4.
(c) S.I. 1995/1730.
surrender in whole or in part of the rights under the policy or otherwise, but excluding any sum which forms part of the relevant profits of the cedant company or is paid by way of commission that has been deducted from expenses of management pursuant to section 76(1) (ca) of the Taxes Act ( a)".4. In regulation 5-
(a) in paragraph (1) for the words "at the rate prescribed" there shall be substituted "at the appropriate rate or rates prescribed" ;(b) for paragraph (2) there shall be substituted the following...To continue reading
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