The Taxation of Insurance Securitisation Companies Regulations 2007

Preliminary

Citation, commencement and effect

1.—(1) These Regulations may be cited as the Taxation of Insurance Securitisation Companies Regulations 2007 and shall come into force on 28th December 2007 immediately after the coming into force of the Taxation of Securitisation Companies (Amendment No. 2) Regulations 2007(1).

(2) These Regulations have effect from the beginning of periods of account beginning on or after 1st January 2007 and current on 4th December 2007.

Interpretation

2.—(1) In these Regulations—

“capital market arrangement” and “capital market investment” have the same meaning as in section 72B(1) of the Insolvency Act 1986(2) (see paragraphs 1, 2 and 3 of Schedule 2A to that Act);

“ICTA” means the Income and Corporation Taxes Act 1988(3);

“independent persons” means persons who are not connected with a company (and see paragraph (2));

“insurance special purpose vehicle” and “Insurance Prudential Sourcebook” have the same meanings as in section 431(2) of ICTA(4).

(2) Section 839 of ICTA(5) (connected persons) applies for the purposes of the definition of “independent persons”, except that in applying the definition of “control” in that section a person is not to be treated as a participator in a company by reason only that he is a loan creditor of the company.

Scope of these Regulations

3.—(1) These Regulations make provision as to the application of the Corporation Tax Acts in relation to an insurance securitisation company.

(2) The Regulations deal with the following matters—

(a) they define “insurance securitisation company” (see regulation 4);

(b) they provide that the Regulations do not apply if an insurance securitisation company has an unallowable purpose (see regulation 5);

(c) they make provision for the application of accounting standards to an insurance securitisation company (see regulation 6);

(d) they make supplementary provision in relation to the application, modification and non-application of provisions of the Corporation Tax Acts (see regulations 7 to 11).

(1)

S.I. 2007/3401.

(2)

1986 c.45. Section 72B was inserted by section 250(1) of the Enterprise Act 2002 (c. 40) and Schedule 2A was inserted by section 250(2) of, and Schedule 18 to, that Act. Paragraph 1 of Schedule 2A was amended by S.I. 2003/1468 and S.I. 2003/2093.

(3)

1988 c. 1.

(4)

These definitions were inserted by articles 2 and 4(1) and (2)(c) of S.I. 2006/3270.

(5)

1988 c. 1. Section 839 was amended by paragraph 20 of Schedule 17 to the Finance Act 1995 (c. 4), paragraph 341 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5) and S.I. 1988/745.