Statutory Instruments
2008 No. 2670
Corporation Tax
The Insurance Companies (Taxation of Reinsurance Business) (Amendment) (No. 2) Regulations 2008
Made
6th October 2008
Laid before the House of Commons
8th October 2008
Coming into force
29th October 2008
The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by section 442A(2) to (6) of the Income and Corporation Taxes Act 1988( 1 ).
Citation and commencement
1. These Regulations may be cited as the Insurance Companies (Taxation of Reinsurance Business) (Amendment) (No. 2) Regulations 2008 and shall come into force on 29th October 2008.
Amendment to the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995
2.The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995( 2 ) are amended as follows.
Amendment of regulation 2 (interpretation)
3. In regulation 2 (interpretation) omit the definition of “inspector”( 3 ).
Amendment of regulation 6 (calculation of investment return in final accounting period)
4. In paragraph (4)(b)( 4 ) of regulation 6 (calculation of investment return in final accounting period), for “the inspector determines to be” substitute “is”.
Amendment of regulation 7 (prescribed percentage rates of return for the purposes of regulations 4 and 5)
5. —(1)Regulation 7 (prescribed percentage rates of return for the purposes of regulations 4 and 5) is amended as follows.
(2) In paragraph (10) for “the inspector determines to be” substitute “is”.
(3) Omit paragraphs (13) and (14).
Dave Hartnett
Mike Eland
Two of the Commissioners for Her Majesty’s Revenue and Customs
6th October 2008
1988 (c. 1) . Section 442A was inserted by paragraph 34 of Schedule 8 to the Finance Act 1995 (c. 4) and amended by paragraph 23 of Schedule 23 to the Finance Act 2003 (c. 14) . The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5(2) of the Commissioners for Revenue and Customs Act 2005 (c. 11) . Section 50 of that Act provides that in so far as it is appropriate in consequence of section 5 a reference in an enactment, however expressed, to the Commissioners of Inland Revenue is to be read as a reference to the Commissioners for Her Majesty’s Revenue and Customs.
S.I. 1995/1730 ; relevant amending instruments are S.I. 2003/2573 and 2008/1944 .
The definition of “inspector” was substituted by regulation 3 of S.I. 2008/1994 .
Regulation 6(4) was inserted by regulation 6 of S.I. 2003/2573 .