The Insurance Premium Tax (Amendment) Regulations 2008

Statutory Instruments

2008 No. 1945

Insurance Premium Tax

The Insurance Premium Tax (Amendment) Regulations 2008

Made

22nd July 2008

Laid before the House of Commons

22nd July 2008

Coming into force

1st September 2008

The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by sections 53(6), 65(1) and 74(8) of the Finance Act 1994(1):

Citation and commencement

1.  These Regulations may be cited as the Insurance Premium Tax (Amendment) Regulations 2008 and come into force on 1st September 2008.

Amendment of the Insurance Premium Tax Regulations 1994

2.  The Insurance Premium Tax Regulations 1994(2) are amended as follows.

Omission of regulations 29, 30 and 31

3.  Omit—

(a) regulation 29 (tax representatives: notification in certain cases),

(b) regulation 30 (tax representatives: registration), and

(c) regulation 31 (tax representatives: liability to notify).

Amendment of regulation 33

4.  For regulation 33 (liability of insured persons: scope) substitute—

“33.   This Part applies where an insurer who is a registrable person—

(a) does not have any business establishment or other fixed establishment in the United Kingdom, and

(b) is established in a country or territory in respect of which it appears to the Commissioners that the condition in section 65(1A) of the Act is met.”.

Amendment to Schedule

5.  In the Schedule, for the form numbered 1 (Insurance Premium Tax, Application for Registration), substitute the form numbered 1 in the Schedule to these Regulations.

Dave Hartnett

Steve Lamey

Two of the Commissioners for Her Majesty’s Revenue and Customs

22nd July 2008

SCHEDULE

REGULATION 5

FORM 1

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations which come into force on 1st September 2008 amend the Insurance Premium Tax Regulations 1994 (S.I. 1994/1774). They make amendments which are consequential upon changes made to the Finance Act 1994 (c.9) by sections 142 and 143 of the Finance Act 2008 (c.9).

Regulation 3 gives effect to the deletion of sections 57 and 58 of the Finance Act 1994 (tax representatives).

Regulation 4 amends regulation 33 (scope of liability of insured persons) in accordance with the amendments made to section 65 of the Finance Act 1994 to mirror the wording of the amended provision.

Regulation 5 amends the Schedule to the regulations by substituting a new Form 1: Application for Registration.

A full impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.

(1)

1994 c.9; section 73(1) defines “the Commissioners” as meaning the Commissioners of Customs and Excise. The functions of the Commissioners of Customs and Excise were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5(2) of the Commissioners for Revenue and Customs Act 2005 (c.11). Section 50(1) of that Act provides that a reference to the Commissioners of Customs and Excise shall be taken as a reference to the Commissioners for Her Majesty’s Revenue and Customs. Section 65(1) was amended by section 143 of the Finance Act 2008 (c.9) which also inserted subsections (1A) and (1B).

(2)

S.I. 1994/1774; relevant amending instrument is S.I. 1997/1157.