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The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 2008
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- 2008 No. 2627
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 (S.I. 1995/3237) (“the principal Regulations”). The principal Regulations make provision for the purposes of giving effect to section 431D of the Income and Corporation Taxes Act 1988 (“ICTA”).
Regulation 1 provides for citation, commencement and effect. The amendments made by these Regulations have effect in relation to insurance policies or contracts which are assigned on or after the date the Regulations come into force.
Regulation 2 amends the definition of the “the Board” in regulation 2(1) of the principal Regulations as a consequence of the Commissioners for Revenue and Customs Act 2005. Regulation 2 also amends regulation 13, 14 and 14A of the principal Regulations. Those amendments are consequential on the repeal of sections 539 to 551A of ICTA by paragraph 3 of Schedule 14 to the Finance Act 2008 (c. 9). The amendment in each case is to substitute a reference to the equivalent section in the Income Tax (Trading and Other Income) Act 2005 for the reference a to repealed sections.
A full impact assessment has not been prepared for this instrument as a no impact on the private or voluntary sectors is foreseen.
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