The Insurance Companies (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1999

Modifications of Schedule 19AB

9.—(1) Paragraphs (2) and (3) below specify modifications of paragraph 6 of Schedule 19AB(1).

(2) In sub-paragraph (1)–

(a) before the definition of “provisional fraction” there shall be inserted the following definitions–

““the Gilts Regulations” means the Gilt-edged Securities (Periodic Accounting for Tax on Interest) Regulations 1995;

“notional repayment” means a notional repayment under paragraph 1A above;”;

(b) in the definition of “provisional fraction” after “1(4)” there shall be inserted “, 1A(7) and (9)”;

(c) in the definition of “provisional repayment period” after “1” there shall be inserted “or 1A”;

(d) at the end there shall be added the following definitions–

• ““relevant gilt-edged securities” has the meaning given by section 51B(5);

• “amount of manufactured gilt interest paid”, “amount of manufactured gilt interest received” and “amount of real gilt interest received” have the same meanings in this Schedule in relation to a provisional repayment period as they have in the Gilts Regulations in relation to a return period.”

(3) After sub-paragraph (2) there shall be inserted the following sub-paragraph–

“(2A) Any reference in this Schedule to a notional repayment for an accounting period is a reference to a notional repayment for a provisional repayment period falling within that accounting period.”

(1)

Paragraph 6 of Schedule 19AB was amended by paragraph 4 of Schedule 34 to the Finance Act 1996 and by paragraph 51(13) of Schedule 19 to the Finance Act 1998.