The Insurance Companies (Taxation of Reinsurance Business) (Amendment No. 2) Regulations 2004
Jurisdiction | UK Non-devolved |
Citation | SI 2004/2257 |
Year | 2004 |
2004 No. 2257
TAXES
The Insurance Companies (Taxation of Reinsurance Business) (Amendment No. 2) Regulations 2004
Made 1st September 2004
Laid before the House of Commons 2nd September 2004
Coming into force 15th September 2004
The Commissioners of Inland Revenue, in exercise of the powers conferred upon them by section 442A of the Income and Corporation Taxes Act 19881and paragraph 58 of Schedule 8 to the Finance Act 19952, make the following Regulations:
Citation, commencement, effect and transitional provisions
1.—(1) These Regulations may be cited as the Insurance Companies (Taxation of Reinsurance Business)(Amendment No. 2) Regulations 2004 and shall come into force on 15th September 2004.
(2) Regulations 4(2) and (3) shall have effect with respect to accounting periods beginning on or after 1st January 2003 and regulation 5 shall have effect with respect to accounting periods beginning on or after 1st November 2003.
(3) Notwithstanding paragraph (2), no amount shall be treated as an amount of investment return given by regulation 4 of the Insurance Companies (Taxation of Reinsurance Business) Regulations 19953for an accounting period ending before 1st January 2004 if that amount arises solely by virtue of the amendment made to that regulation by regulation 4(3) of this instrument.
(4) For the purposes of computing In-1 in regulation 5 of the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 in respect of an amount of investment return to which paragraph (3) of this regulation applies, the rate of tax prescribed by virtue of regulation 5(2) of those Regulations shall be treated as nil.
Amendment of the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995
2. The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 are amended as follows.
3. In regulation 3(1)4, in the definition of “P” after “premium” there shall be inserted—
“or otherwise, or treated as paid where that company makes a payment to another person, and in pursuance of any arrangements that other person or a person connected with it (within the meaning of section 839 of the Taxes Act 1988) puts the reinsurer in funds”.
4.—(1) Regulations 45and 56shall be amended as follows.
(2) In regulation 4 in the definition of P, and in regulation 5 in the definition of Pn, the words “(but excluding any” to “the Prudential Sourcebook (Insurers))” shall be omitted.
(3) In—
(a)
(a) regulation 4, in the definition of P after “otherwise”, and
(b)
(b) in regulation 5(1), in the definition of Pn after...
To continue reading
Request your trial