Statutory Instruments
2000 No. 2075
INCOME TAX
The Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000
Made
28th July 2000
Laid before the House of Commons
1st August 2000
Coming into force
22nd August 2000
The Treasury, in exercise of the powers conferred on them by section 333B(1) and (7) of the Income and Corporation Taxes Act 1988( 1 ), hereby make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000 and shall come into force on 22nd August 2000.
Interpretation
regulation-2"> 2. In these Regulations “the principal Regulations” means the Individual Savings Account (Insurance Companies) Regulations 1998( 2 ) and “ regulation” means a regulation of the principal Regulations.
Amendments to the principal Regulations
3. After regulation 12 there shall be inserted the following regulation—
“ 12A. In section 434(1A) ( 3 ) there shall be added at the end the words “but this subsection shall not apply in relation to distributions in respect of which an insurance company is entitled to a tax credit in respect of its individual savings account business.”. ”
4. For regulation 14 there shall be substituted the following regulation—
“ 14. In section 438—
(a) in subsection (1) ( 4 ) there shall be added at the end the words “ or individual savings account business”;
(b) subsection (4) ( 5 ) shall be omitted. ” .
5. After regulation 21 there shall be inserted the following regulation—
“ 21A. In paragraph 9(1) of Schedule 19AC ( 6 ) , in the notionally inserted subsection (1D) of section 434, there shall be added at the end the words “but this subsection shall not apply in relation to distributions in respect of which an overseas life insurance company is entitled to a tax credit in respect of its individual savings account business.”. ”
Jim Dowd
Greg Pope
Two of the Lords Commissioners of Her Majesty’s Treasury
28th July 2000
1988 c. 1 ; section 333B was inserted by section 77(1) of the Finance Act 1998 (c. 36) .
S.I. 1998/1871 .
Subsections (1) to (1B) of section 434 of the Income and Corporation Taxes Act 1988 were substituted for subsection (1) by paragraph 3(2) of Schedule 3 to the Finance (No. 2) Act 1997 (c. 58) and subsection (1A) was amended by paragraph 27 of Schedule 4, and Part II(10) of Schedule 8, to the Finance (No. 2) Act 1997 with effect in relation to distributions made on or after 6th April 1999.
Section 438(1) was amended by paragraph 4(2) of Schedule 8 to the Finance Act 1995 (c. 4) .
Section 438(4) was substituted by paragraph 6(3) of Schedule 3 to the Finance (No. 2) Act 1997.
Schedule 19AC to the Income and Corporation Taxes Act 1988 was inserted by paragraph 1 of Schedule 9 to the Finance Act 1993 (c. 34) , and sub-paragraph (1) of paragraph 9 of Schedule 19AC was substituted by paragraph 13(6) of Schedule 3 to the Finance (No. 2) Act 1997, and amended by paragraph 29(2) of Schedule 4, and Part II(10) of Schedule 8, to the Finance (No. 2) Act 1997 with effect in relation to distributions made on or after 6th April 1999.