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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

( 1 )

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) .

( 2 )

S.I. 1995/3237 . Regulations 18 and 19 were amended by S.I. 1999/2839 and S.I. 2000/2104 .

( 3 )

Sub-paragraph (6A) was inserted by article 4 of S.I. 2000/2188 .

Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
The Overseas Life Assurance Fund (Amendment) Order 2004 (2004/3275)
Version from: original only

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