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

JurisdictionUK Non-devolved
CitationSI 2008/1944

2008No. 1944

CORPORATION TAX

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

22ndJuly2008

22ndJuly2008

12thAugust2008

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 1988 1 and paragraph 58 of Schedule 8 to the Finance Act 1995 and now vested in them 2.

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.

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

2.The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 3 are amended as follows.

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) 4 of the Taxes Act;

; and

(c) for the definition of "inspector" substitute-

"inspector" means any officer of Revenue and Customs;.

Amendment of regulation 3

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

Amendment of regulation 6

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

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".

Amendment of regulation 9

7.In regulation 9(2)(c) (exclusion of certain reinsurance arrangements from section 442A) after "Schedule D" insert 8"by virtue of section 431G(3)(a) of the Taxes Act".

Amendment of regulation 13

8.In regulation 13 (transfer of insurance arrangements effected by novation or insurance business...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT