Insurance Premium Tax Regulations 1994
| Jurisdiction | UK Non-devolved |
| Citation | SI 1994/1774 |
| Year | 1994 |
1994 No. 1774
INSURANCE PREMIUM TAX
The Insurance Premium Tax Regulations 1994
Made 6th July 1994
Laid before the House of Commons 7th July 1994
Coming into force 1st August 1994
The Commissioners of Customs and Excise, in exercise of the powers conferred on them by sections 53(6), 54, 55(1) to (8), 57(15), 58(2) and (4), 62(1) and (3) to (7), 65(1) to (3), (5) and (7) to (13), 68(1) to (11) and 74(2), (7) and (8) of, and paragraphs 1(1) to (3), 7(7) and (8) and 8(6) of Schedule 7 to, the Finance Act 19941, hereby make the following Regulations.
PART I
PRELIMINARY
Citation and commencement
1. These Regulations may be cited as the Insurance Premium Tax Regulations 1994 and shall come into force on 1st August 1994.
Interpretation
2.—(1) In these Regulations—
“accounting period” means—
(a) in the case of a registered person, each period of three months ending on the dates notified to him by the Commissioners, whether by means of a certificate of registration issued by them or otherwise;
(b) in the case of a registrable person who is not registered, each quarter; or
(c) in the case of any registrable person, such other period in relation to which he is required by or under regulation 12 to make a return;
and, in every case, the first accounting period of a registrable person shall commence on the effective date determined in accordance with section 53 of the Act upon which the person was or should have been registered;
“the Act” means Part III of the Finance Act 1994
“Collector” means a Collector, Deputy Collector or Assistant Collector of Customs and Excise
“Lloyd's” means the society incorporated by section 3 of Lloyd’s Act 18712;
“managing agent” has the same meaning as in section 12(1) of Lloyd’s Act 19823;
“registered person” means a person who is registered under section 53 of the Act and, except in regulation 30, “register” and “registration” shall be construed accordingly;
“registration number” means the unique identifying number allocated to a registered person and notified to him by the Commissioners;
“return” means a return which is required to be made in accordance with regulation 12;
“underwriting member” has the same meaning as in section 2(1) of Lloyd’s Act 1982.
(2) Any reference in these Regulations to “this Part” is a reference to the Part of these Regulations in which that reference is made.
(3) Any reference in these Regulations to a form prescribed in the Schedule to these Regulations shall include a reference to a form which the Commissioners are satisfied is a form to the like effect.
Requirement, direction, demand or approval
3. Any requirement, direction, demand or approval by the Commissioners under or for the purposes of these Regulations shall be made or given by a notice in writing.
PART II
REGISTRATION AND PROVISIONS FOR SPECIAL CASES
Notification of liability to register
4.—(1) A person who is required by section 53(2) of the Act to notify the Commissioners of the facts there mentioned shall do so on the form numbered 1 in the Schedule to these Regulations.
(2) Where the notification referred to in this regulation is made by a partnership, it shall include the particulars set out on the form numbered 2 in the Schedule to these Regulations.
(3) The notification referred to in this regulation shall be made within thirty days of the earliest date after 31st July 1994 on which the person either forms or continues to have the intention to receive premiums in the course of a taxable business.
Changes in particulars
5.—(1) A person who has made the notification referred to in regulation 4, whether or not it was made in accordance with paragraph (3) of that regulation, shall, within thirty days of any change occurring which causes to become inaccurate any of the information which was required to be contained in the notification, notify the Commissioners in writing and furnish them with full particulars thereof.
(2) Where in relation to a registered person the Commissioners are satisfied that any of the information recorded in the register is no longer accurate they may correct the register accordingly.
(3) For the purposes of paragraph (2) above, it is immaterial whether or not the registered person has notified the Commissioners of any change which has occurred in accordance with paragraph (1) above.
Notification of liability to be de-registered
6. A person who is required by section 53(3) of the Act to notify the Commissioners of the facts there mentioned shall, within thirty days of his having ceased to have the intention to receive premiums in the course of any taxable business, notify the Commissioners in writing and shall therein inform them of—
(a) the date on which he ceased to have the intention of receiving premiums in the course of any taxable business; and
(b) if different, the date on which the last such premium was received.
Transfer of a going concern
7.—(1) Where—
(a)
(a) a taxable business is transferred as a going concern;
(b)
(b) the registration of the transferor has not already been cancelled;
(c)
(c) as a result of the transfer of the business the registration of the transferor is to be cancelled and the transferee becomes liable to be registered; and
(d)
(d) an application is made on the form numbered 3 in the Schedule to these Regulations by both the transferor and the transferee,
the Commissioners may with effect from the date of the transfer cancel the registration of the transferor and register the transferee with the registration number previously allocated to the transferor.
(2) An application under paragraph (1) above shall be treated as the notification referred to in regulation 6.
(3) Where the transferee of a business has been registered under paragraph (1) above with the registration number previously allocated to the transferor—
(a)
(a) any liability of the transferor existing at the date of the transfer to make a return or account for or pay any tax under Part III of these Regulations shall become the liability of the transferee;
(b)
(b) any entitlement of the transferor, whether or not existing at the date of the transfer, to credit or payment under Part IV of these Regulations shall become the entitlement of the transferee.
(4) In addition to the provisions set out in paragraph (3) above, where the transferee of a business has been registered under paragraph (1) above with the registration number previously allocated to the transferor during an accounting period subsequent to that in which the transfer took place (but with effect from the date of the transfer) and any—
(a)
(a) return has been made;
(b)
(b) tax has been accounted for; or
(c)
(c) entitlement to credit has been claimed,
by either the transferor or the transferee, it shall be treated as having been done by the transferee.
(5) Where—
(a)
(a) a taxable business is transferred as a going concern;
(b)
(b) the transferee makes a payment to a person which represents the repayment of any premium or part of a premium received in the course of that business; and
(c)
(c) the transferor has paid tax on that premium or part,
then, whether or not the transferee has been registered under paragraph (1) above with the registration number previously allocated to the transferor, any entitlement to credit under Part IV of these Regulations shall become the entitlement of the transferee.
Registration of Lloyd’s syndicates
8.—(1) Where a taxable business is carried on by persons who are underwriting members of Lloyd’s who are members of a syndicate of such underwriting members the registration of those persons for the purposes of the Act may be by reference to the syndicate; and, where such a syndicate is not known by any name, the registration may be by reference to any number or other identifying feature of the syndicate.
(2) In determining whether premiums are received by any syndicate which has been registered in the manner described in paragraph (1) above no account shall be taken of any change in the members of the syndicate.
Representation of Lloyd’s syndicates
9.—(1) Anything required to be done by or under the Act (whether by these Regulations or otherwise) by or on behalf of a syndicate of underwriting members of Lloyd’s shall be the joint and several responsibility of the persons mentioned in paragraph (2) below; but if it is done by any of those persons it shall be sufficient compliance with any such requirement.
(2) The persons are—
(a)
(a) the underwriting members of the syndicate;
(b)
(b) the managing agent of the syndicate; and
(c)
(c) as regards any accounting period for which it is required by paragraph (3) below to act as the syndicate’s representative, Lloyd's.
(3) Where a syndicate of underwriting members of Lloyd’s has made an election that Lloyd’s shall act as its representative Lloyd’s shall so act in relation to any accounting period as regards which—
(a)
(a) that election has effect;
(b)
(b) the syndicate is registered as described in regulation 8; and
(c)
(c) the scheme established by Part V of these Regulations applies to the syndicate.
(4) An election under paragraph (3) above shall be made in writing and shall specify the first accounting period of the syndicate in respect of which the election is to have effect, being an accounting period beginning on or after the date the election is made.
(5) Subject to paragraphs (6) and (7) below, an election under paragraph (3) above shall have effect for the accounting period specified in the election and all subsequent accounting periods.
(6) An election under paragraph (3) above shall not have effect unless written notification of the election is...
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