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The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008
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- 2008 No. 2626
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Overseas Insurers (Tax Representatives) Regulations 1999 (S.I. 1999/881 amended by S.I. 2001/2726, 2002/443 and 2004/3272) (“the principal Regulations”). The treatment of gains made by companies on or from investments in life insurance contracts was altered by Schedule 13 to the Finance Act 2008 (“FA 2008”), which brought the treatment of such gains into the loan relationships regime within Chapter 2 of Part 4 of the Finance Act 1996 (c. 8). Schedule 14 to FA 2008 made consequential changes including paragraph 3 and 7 of Schedule 14 which repealed the provisions of Chapter II of Part XIII (except section 552 to 552B) of the Income and Corporation Taxes Act 1988 (“ICTA”). These Regulations make amendments consequential to the changes made by Schedules 13 and 14 to FA 2008. These Regulations also make changes which update references to provisions of ICTA in the principal Regulations with corresponding rewritten provisions of the Income Tax (Trading and Other Income) Act 2005 (“ITTOIA”) and update references following changes made by the Commissioners for Revenue and Customs Act 2005 (“CRCA 2005”) and the Finance Act 2007 (“FA 2007”).
Regulations 1 provide for citation and commencement of these Regulations.
Regulation 2 introduces the amendments to the principal Regulations.
Regulation 3 amends definitions in regulation 2 (interpretation) of the principal Regulations. It amends the definition of “EEA State” so that the definition follows the definition in the Interpretation Act 1978, which would not otherwise apply to the principal Regulations, making the definition ambulatory. The definition of “EEA Agreement” is omitted in consequence of the amendment of the definition of “EEA State”.
Regulations 4 and 5 make amendments consequential on the change to the definition of “EEA State”.
Regulations 6 and 7 make further consequential amendments following changes made by ITTOIA, CRCA 2005, FA 2007 and FA 2008.
A full mpact assessment has not been produced for this instrument as a no impact on the private or voluntary sectors is foreseen.
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