The Insurance Companies (Taxation of Reinsurance Business) (Amendment) (No. 2) Regulations 2008

JurisdictionUK Non-devolved
CitationSI 2008/2670

2008 No. 2670

Corporation Tax

The Insurance Companies (Taxation of Reinsurance Business) (Amendment) (No. 2) Regulations 2008

Made 6th October 2008

Laid before the House of Commons 8th October 2008

Coming into force 29th October 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 19881.

S-1 Citation and commencement

Citation and commencement

1. These Regulations may be cited as the Insurance Companies (Taxation of Reinsurance Business) (Amendment) (No. 2) Regulations 2008 and shall come into force on 29th October 2008.

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

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

2. The Insurance Companies (Taxation of Reinsurance Business) Regulations 19952are amended as follows.

S-3 Amendment of regulation 2 (interpretation)

Amendment of regulation 2 (interpretation)

3. In regulation 2 (interpretation) omit the definition of “inspector”3.

S-4 Amendment of regulation 6 (calculation of investment return in final accounting period)

Amendment of regulation 6 (calculation of investment return in final accounting period)

4. In paragraph (4)(b)4of regulation 6 (calculation of investment return in final accounting period), for “the inspector determines to be” substitute “is”.

S-5 Amendment of regulation 7 (prescribed percentage rates of return for the purposes of regulations 4 and 5)

Amendment of regulation 7 (prescribed percentage rates of return for the purposes of regulations 4 and 5)

5.—(1) Regulation 7 (prescribed percentage rates of return for the purposes of regulations 4 and 5) is amended as follows.

(2) In paragraph (10) for “the inspector determines to be” substitute “is”.

(3) Omit paragraphs (13) and (14).

Dave Hartnett

Mike Eland

Two of the Commissioners for Her Majesty’s Revenue and Customs

6th October 2008

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 ( S.I. 1995/1730) (“the principal Regulations”).

Regulation 1 provides for citation and commencement.

Regulation 2 introduces the amendments to the principal Regulations.

Regulation 3 omits the definition of “inspector” from regulation 2 of the principal...

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