Search Legislation

Finance Act 1997

Status:

This is the original version (as it was originally enacted).

27Supplementary provisions

(1)The [1994 c. 9.] Finance Act 1994 shall be amended in accordance with the following provisions of this section.

(2)In section 53A (information required to keep register up to date) in subsection (1)(b), after the words “register kept under section 53” there shall be inserted “or 53AA”.

(3)In section 55 (credit)—

(a)after “insurer”, wherever occurring other than in subsection (2), there shall be inserted “or taxable intermediary”;

(b)in subsection (1), after “premium” there shall be inserted “or taxable intermediary’s fee (as the case may be)”;

(c)in subsection (3)(f), after “registrable” there shall be inserted “(whether under section 53 or section 53AA)”;

(d)in subsection (5), after “insurer's” there shall be inserted “or taxable intermediary's”; and

(e)in subsection (8)(a), after “premium” there shall be inserted “or taxable intermediary’s fee”.

(4)In section 57 (tax representatives)—

(a)after “insurer”, wherever occurring, there shall be inserted “or taxable intermediary”;

(b)after “insurer's”, wherever occurring, there shall be inserted “or taxable intermediary's”; and

(c)in subsection (1)(a), after “registered under section 53” there shall be inserted “or, as the case may be, section 53AA”.

(5)In section 58 (rights and duties of tax representatives)—

(a)after “insurer”, wherever occurring, there shall be inserted “or taxable intermediary”; and

(b)after “insurer's”, wherever occurring, there shall be inserted “or taxable intermediary's”.

(6)In section 59 (review of Commissioners' decisions) in subsection (1) (which specifies the kinds of decision to which the section applies) after paragraph (b) there shall be inserted—

(bb)whether a payment falls to be treated under section 52A(2) above as a premium received under a taxable insurance contract by an insurer and chargeable to tax at the higher rate;.

(7)In section 62 (partnership, bankruptcy, transfer of business etc) in subsections (1) and (5), after “insurer”, wherever occurring, there shall be inserted “or taxable intermediary”.

(8)In section 63(1) (which details the functions of representative members of groups of companies)—

(a)after paragraph (a) there shall be inserted—

(aa)any business carried on by a member of the group who is a taxable intermediary shall be treated as carried on by the representative member,; and

(b)after paragraph (b) there shall be inserted—

(bb)the representative member shall be taken to be the taxable intermediary in relation to any taxable intermediary’s fees as regards which a member of the group is the actual taxable intermediary,.

(9)In section 73 (interpretation) in subsection (1) there shall be inserted at the appropriate places—

(a)“taxable intermediary” shall be construed in accordance with section 52A above;

(b)“taxable intermediary’s fees” has the meaning given by section 53AA(9) above.

(10)At the beginning of subsection (3) of that section (meaning of “registrable person”) there shall be inserted “Subject to subsection (3A) below,” and after that subsection there shall be inserted—

(3A)References in sections 53A and 54 above and paragraphs 1, 9 and 12 of Schedule 7 to this Act to a registrable person include a reference to a person who—

(a)is registered under section 53AA above; or

(b)is liable to be registered under that section.

(11)In Schedule 7, in paragraph 14 (penalty for failing to register under section 53)—

(a)in sub-paragraph (1), after “section 53(2)” there shall be inserted “or 53AA(3)”; and

(b)in sub-paragraph (2)(a), after “section 53” there shall be inserted “or, as the case may be, section 53AA”.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources