Statutory Instruments
2004 No. 3275
INCOME TAX
The Overseas Life Assurance Fund (Amendment) Order 2004
Made
9th December 2004
Laid before the House of Commons
10th December 2004
Coming into force
31st December 2004
The Treasury, in exercise of the powers conferred upon them by paragraph 1(2) of Schedule 19AA to the Income and Corporation Taxes Act 1988( 1 ), make the following Order:
Citation, commencement and effect
1. This Order may be cited as the Overseas Life Assurance Fund (Amendment) Order 2004, shall come into force on 31st December 2004 and shall have effect in relation to designations of assets for the purposes of paragraph 3 of Schedule 19AA to the Income and Corporation Taxes Act 1988 on or after that date.
Amendment of Schedule 19AA to the Income and Corporation Taxes Act 1988
2.Schedule 19AA to the Income and Corporation Taxes Act 1988 (overseas life assurance fund) is amended as follows.
Amendment of paragraph 5
3. —(1) Amend paragraph 5 (order in which assets to be designated) as follows.
(2) After sub-paragraph (5) insert—
“ (5A) For the purposes of sub-paragraph (5)(a) above, in determining whether assets are linked solely to overseas life assurance business, assets linked to policies or contracts which, by virtue of regulation 18 or 19 of the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 ( 2 ) are to be treated as referring to basic life assurance and general annuity business, shall be treated as linked solely to overseas life assurance business. ” .
(3) In sub-paragraph (6A)( 3 ) at the end add “falling within sub-paragraph (5)(a) above”.
Derek Twigg
Jim Murphy
Two of the Lords Commissioners of Her Majesty’s Treasury
9th December 2004
1988 c. 1 . This Schedule was inserted by paragraph 10 of Schedule 7 to the Finance Act 1990. Paragraph 1 was amended by paragraphs 33 and 55 of Schedule 8 to the Finance Act 1995 (c. 4) .
S.I. 1995/3237 . Regulations 18 and 19 were amended by S.I. 1999/2839 and S.I. 2000/2104 .
Sub-paragraph (6A) was inserted by article 4 of S.I. 2000/2188 .