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The Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 2003
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- 2003 No. 1828
- Explanatory Note
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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”). The principal Regulations make provision for the purposes of section 442A of the Income and Corporation Taxes Act 1988 (c. 1) (“the Taxes Act”) in relation to the calculation of the investment return on an insurance policy or annuity contract which is the subject of a reinsurance arrangement. The main amendments are in consequence of amendments made to the legislation governing the taxation of insurance companies by Schedule 33 to the Finance Act 2003 (c. 14) (“Schedule 33”).
Regulation 1 provides for citation, commencement and effect. Authority for the retrospective effect of certain of the amendments is given by paragraph 58 of Schedule 8 to the Finance Act 1995 (c. 4).
Regulation 2 introduces the amendments to the principal Regulations.
Regulation 3 amends regulation 5(2) (prescribed rates of tax relating to calculation of investment return in second and subsequent accounting periods other than final accounting period). These amendments are in consequence of amendments made to sections 88 and 88A of the Finance Act 1989 (c. 26) by paragraph 13(2) and (3) of Schedule 33.
Regulation 4 amends regulation 11 (exclusion of certain business from section 431C). These amendments are in consequence of amendments made to section 431D of the Taxes Act by section 108 of the Finance Act 2000 (c. 17).
Regulation 5 adds a new regulation 13 in the principal Regulations which sets out how they are to apply where a reinsurance arrangement is transferred under an insurance business transfer scheme or by novation. These amendments are in consequence of amendments made to section 442A of the Taxes Act by paragraph 23 of Schedule 33.
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