Statutory Instruments
2002 No. 444
TAXES
The Life Assurance and Other Policies (Keeping of Information and Duties of Insurers) (Amendment) Regulations 2002
Made
28th February 2002
Laid before the House of Commons
1st March 2002
Coming into force
6th April 2002
The Commissioners of Inland Revenue, in exercise of the powers conferred upon them by section 552ZA(6) to (8) of the Income and Corporation Taxes Act 1988( 1 ), hereby makes the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Life Assurance and Other Policies (Keeping of Information and Duties of Insurers) (Amendment) Regulations 2002 and shall come into force on 6th April 2002.
Interpretation
2. In these Regulations “the principal Regulations” means the Life Assurance and Other Policies (Keeping of Information and Duties of Insurers) Regulations 1997 ( 2 ).
Amendment of the principal Regulations
3. —(1) Amend regulation 2 of the principal Regulations as follows.
(2) In paragraph (1) at the end of the definition of “section 552” add “and a reference to that section without more includes, where necessary, a reference to section 552ZA of the Taxes Act( 3 );”.
(3) In paragraph (3) for “subsection (2) of section 552 shall be disregarded” substitute “the words “unless satisfied that no gain is to be treated as arising by reason of the event” in subsection (1)(a) shall be disregarded”.
Nick Montagu
Dave Hartnett
Two of the Commissioners of Inland Revenue
28th February 2002
1988 c. 1 . Section 552ZA was inserted by paragraph 18 in Part 2 of Schedule 28 to the Finance Act 2001 (c. 9) .
S.I. 1997/265 .
Section 552ZA supplements section 552 and is directed to be construed as one with it by section 552ZA(1).