Finance Act 1994

53 Registration of insurers. E+W+S+N.I.

(1) A person who—

(a) receives, as insurer, premiums in the course of a taxable business, and

(b) is not registered,

is liable to be registered.

[F1 (1A) The register kept under this section may contain such information as the Commissioners think is required for the purposes of the care and management of the tax.]

(2) A person who—

(a) at any time forms the intention of receiving, as insurer, premiums in the course of a taxable business, and

(b) is not already receiving, as insurer, premiums in the course of another taxable business,

shall notify the Commissioners of those facts.

(3) A person who at any time—

(a) ceases to have the intention of receiving, as insurer, premiums in the course of a taxable business, and

(b) has no intention of receiving, as insurer, premiums in the course of another taxable business,

shall notify the Commissioners of those facts.

(4) Where a person is liable to be registered by virtue of subsection (1) above the Commissioners shall register him with effect from the time when he begins to receive premiums in the course of the business concerned; and it is immaterial whether or not he notifies the Commissioners under subsection (2) above.

(5) Where a person—

(a) notifies the Commissioners under subsection (3) above, [F2 and]

(b) satisfies them of the facts there mentioned, F3 . . .

(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the Commissioners shall cancel his registration with effect from the earliest practicable time after he ceases to receive, as insurer, premiums in the course of any taxable business.

[F4 (5A) In a case where—

(a) the Commissioners are satisfied that a person has ceased to receive, as insurer, premiums in the course of any taxable business, but

(b) he has not notified them under subsection (3) above,

they may cancel his registration with effect from the earliest practicable time after he so ceased.]

(6) For the purposes of this section regulations may make provision—

(a) as to the time within which a notification is to be made;

(b) as to the circumstances in which premiums are to be taken to be received in the course of a taxable business;

(c) as to the form and manner in which any notification is to be made and as to the information to be contained in or provided with it;

(d) requiring a person who has made a notification to notify the Commissioners if any information contained in or provided in connection with it is or becomes inaccurate;

(e) as to the correction of entries in the register.

(7) References in this section to receiving premiums are to receiving premiums on or after 1st October 1994.

Annotations:

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Amendments (Textual)

F1 S. 53(1A) inserted (1.5.1995) by 1995 c. 4, s. 34, Sch. 5 para. 3

F2 Word after s. 53(5)(a) inserted (1.5.1995 with application as mentioned in Sch. 5 para. 2(4) of the amending Act) by 1995 c. 4, s. 34, Sch. 5 para. 2(2)(a)

F3 S. 53(5)(c) and the word immediately preceding it repealed (1.5.1995 with application as mentioned in Sch. 5 para. 2(4) of the repealing Act) by 1995 c. 4, ss. 34, 162, Sch. 5 para. 2(2)(b), Sch. 29 Pt. VII, Note

F4 S. 53(5A) inserted (1.5.1995) by 1995 c. 4, s. 34, Sch. 5 para. 2(3)