The Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 2008

JurisdictionUK Non-devolved
CitationSI 2008/1944

2008 No. 1944

Corporation Tax

The Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 2008

Made 22th July 2008

Laid before the House of Commons 22th July 2008

Coming into force 12th August 2008

The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by section 442A(2) to (6) of the Income and Corporation Taxes Act 19881and paragraph 58 of Schedule 8 to the Finance Act 1995 and now vested in them2.

S-1 Citation, commencement and effect

Citation, commencement and effect

1.—(1) These Regulations may be cited as the Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 2008 and shall come into force on 12th August 2008.

(2) These Regulations shall have effect in relation to accounting periods beginning on or after 1st January 2008.

S-2 Amendment of the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995

Amendment of the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995

2. The Insurance Companies (Taxation of Reinsurance Business) Regulations 19953are amended as follows.

S-3 Amendment of regulation 2

Amendment of regulation 2

3. In regulation 2 (interpretation)—

(a) omit the definition of “the Board”;

(b) for the definition of “deposit-back arrangement” substitute—

““deposit-back arrangement” has the meaning given to “deposit back arrangements” by section 431(2)4of the Taxes Act;”; and

(c) for the definition of “inspector” substitute—

““inspector” means any officer of Revenue and Customs;”.

S-4 Amendment of regulation 3

Amendment of regulation 3

4. In regulation 3(1) (calculation of investment return in sole accounting period)5in the definition of “C” in paragraph (b) omit “under section 85 of the Finance Act 1989”.

S-5 Amendment of regulation 6

Amendment of regulation 6

5. In regulation 6(3)(e)(ii) (calculation of investment return in final accounting period)6omit “under section 85 of the Finance Act 1989”.

S-6 Amendment of regulation 7

Amendment of regulation 7

6. In regulation 7(11) (prescribed percentage rates of return for the purposes of regulations 4 and 5)7

(a) in sub-paragraph (a) for “whose head office is” substitute “which is resident”; and

(b) in sub-paragraph (b)—

(i) in paragraph (i) for “branch or agency” substitute “permanent establishment”; and

(ii) in paragraph (ii) for “branches and agencies” substitute “permanent establishments”.

S-7 Amendment of regulation 9

Amendment of regulation 9

7. In regulation 9(2)(c) (exclusion of certain reinsurance arrangements from section 442A) after “Schedule D” insert “by virtue of section 431G(3)(a) of the Taxes Act8”.

S-8 Amendment of regulation 13

Amendment of regulation 13

8. In regulation 13 (transfer of insurance arrangements effected by novation or insurance business transfer schemes) for paragraph (3) substitute—

S-3

“3 For the purposes of regulations 4 to 7—

(a) if there is no accounting period of the transferor ending on the day of the transfer, an accounting period of the transferor shall be treated as ending on that day;

(b) an accounting period of the transferor which ends (or is treated as ending) on the day of the transfer shall not be treated as the final accounting period during which the reinsurance arrangement concerned is in force;

(c) if there is no accounting period of the transferee beginning on, or immediately after, the day of the transfer an accounting period of the transferee shall be treated as beginning immediately after that day; and

(d) an accounting period of the transferee which begins on, or...

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