The Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 2007
| Jurisdiction | UK Non-devolved |
| Citation | SI 2007/2087 |
| Year | 2007 |
2007 No. 2087
Corporation Tax
The Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 2007
Made 20th July 2007
Laid before the House of Commons 23th July 2007
Coming into force 13th August 2007
The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by sections 431C(1), 431G(3)(a) and 442A(2) to (6) of the Income and Corporation Taxes Act 19881and paragraph 58 of Schedule 8 to the Finance Act 19952, and now exercisable by them3.
Citation, commencement and effect
1.—(1) These Regulations may be cited as the Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 2007 and shall come into force on 13th August 2007.
(2) Regulations 3 and 5 to 8 have effect in relation to periods of account beginning on or after 1st January 2007 and ending on or after the date on which these Regulations come into force.
(3) Regulation 4 has effect in relation to periods of account ending on or after 31st January 2005.
Amendments to the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995
2. The Insurance Companies (Taxation of Reinsurance Business) Regulations 19954are amended as follows.
Amendment of regulation 2
3. In regulation 2 (interpretation)—
(a) for the definition of “EEA Agreement” and the definition of “EEA State” substitute—
““EEA Agreement” and “EEA State” have the meanings given in Schedule 1 to the Interpretation Act 19785;”,
(b) for the definition of “internal linked fund” substitute—
““internal linked fund” has the meaning given by section 431(2) of the Taxes Act;”, and
(c) in the definition of “section 439A”, for “439A” (in both places) substitute “431G”.
Amendment of regulations 4 and 5
4. In each of the following places, for “12(4)” substitute “9(3)”—
(a) regulation 4 (calculation of investment return in first accounting period), in the definition of C, and
(b) regulation 5(1) (calculation of investment return in second and subsequent accounting periods other than final accounting period), in the definition of Cn.
Amendment of regulation 7A
5. In regulation 7A (treatment of amounts of investment return which are less than zero)6, at the end add—
“5 Where section 442A of the Taxes Act applies to the life or endowment business carried on by friendly societies subject to the modification prescribed by regulation 19 of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 20057, this regulation shall have effect as if the reference in paragraph (2)(a)(ii) above to basic life assurance and general annuity business were a reference to taxable basic life assurance and general annuity business (within the meaning given by section 431(2) of the Taxes Act as modified by regulation 6 of those regulations).”
Amendment of regulation 11
6. In regulation 118(exclusion of certain business from section 431C), in paragraph (c)(ii), after “1st November 1994” insert “and before the first accounting period of the company to begin on or after 1st January 2007”.
Amendment of regulation 11A
7.—(1) Regulation 11A9(election for certain business to be excluded from section 431C) is amended as follows.
(2) In paragraph (2)(a) after “the Taxes Act” insert “(as it has effect before the substitution made by paragraph 9(2) of Schedule 7 to the Finance Act 2007)”.
(3) Insert at the end—
“11 An election made by a company under this regulation ceases to have effect at the end of the accounting period immediately preceding the first accounting period of the company which begins on or after 1st January 2007.”
Amendment of regulation 12
8.—(1) In regulation 12 (exclusion of certain insurance business from section 439A), for “section 439A” substitute...
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