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United Kingdom Statutory Instruments
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URL: http://www.bailii.org/uk/legis/num_reg/2004/20043274.html

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2004 No. 3274

INCOME TAX

The Insurance Companies (Overseas Life Assurance Business) (Excluded Business) (Amendment) Regulations 2004

  Made 10th December 2004 
  Laid before the House of Commons 10th December 2004 
  Coming into force in accordance with regulation 1

The Commissioners of Inland Revenue, in exercise of the powers conferred upon them by section 431D of the Income and Corporation Taxes Act 1988[1], make the following Regulations:

Citation and commencement
     1. These Regulations may be cited as the Insurance Companies (Overseas Life Assurance Business) (Excluded Business) (Amendment) Regulations 2004 and shall come into force  - 

Amendment of the Insurance Companies (Overseas Life Assurance Business) (Excluded Business) Regulations 2000
     2. The Insurance Companies (Overseas Life Assurance Business) (Excluded Business) Regulations 2000[2] are amended as follows.

Amendment of regulation 7
     3.  - (1) Regulation 7(b) is amended as follows.

    (2) In the words preceding sub-paragraph (i) omit "where the Board".

    (3) At the beginning of sub-paragraph (i) insert "where the Board".

    (4) At the end of sub-paragraph (i) omit "or".

    (5) At the beginning of sub-paragraph (ii) insert "where the Board"

    (6) In sub-paragraph (ii) after "section 596(2)(b)" insert - 

    (7) After sub-paragraph (ii) add - 


David Varney

Helen Ghosh
Two of the Commissioners of Inland Revenue

10th December 2004


EXPLANATORY NOTE

(This note is not part of the Regulations)


These Regulations amend the Insurance Companies (Overseas Life Assurance Business) (Excluded Business) Regulations 2000 ("the 2000 Regulations").

Regulation 1 provides for the citation and commencement of this instrument.

Regulation 2 introduces, and regulation 3 makes, the amendments to the 2000 Regulations.

The effect of the amendments is to add a further description of business in regulation 7 of the 2000 Regulations. That description is not excluded from the meaning of "overseas life assurance business" contained in section 431D of the Income and Corporation Taxes Act 1988.

These Regulations do not impose new costs on business.

Notes:

 [1] 1988 c. 1. Section 431D was inserted by paragraphs 2 and 55 of Schedule 8 to the Finance Act 1995 (c. 4): the relevant amendment was that made by section 108(1) of the Finance Act 2000 (c. 17).back

[2] S.I. 2000/2089.back

[3] 2003 c. 1: this section is prospectively repealed, with effect from 6th April 2006, by Part 7 of the Finance Act 2004.back


ISBN 0 11 051078 X


  © Crown copyright 2004

Prepared 16 December 2004

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URL: http://www.bailii.org/uk/legis/num_reg/2004/20043274.html