Statutory Instrument 1993 No. 3109

The Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1993

---

© Crown Copyright 1993

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Royal Arms and the Queen's Printer imprints.

The text of this Internet version of the Statutory Instrument has been prepared to reflect the text as it was Made. The authoritative version is the Queen's Printer copy published by The Stationery Office Limited as the The Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1993, ISBN 011034054X. Purchase this item. For details of how to obtain an official copy see How to obtain The Stationery Office Limited titles.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1993 No. 3109

INCOME TAX

The Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1993

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by paragraph 4 of Schedule 19AB to the Income and Corporation Taxes Act 1988^[1], hereby make the following Regulations:

Citation and Commencement
    1.    These Regulations may be cited as the Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1993 and shall come into force on 31st December 1993.

Interpretation
    2.    In these Regulations "the principal Regulations" means the Insurance Companies (Pensions Business) (Transitional Provisions) Regulations 1992^[2] and "regulation" means a regulation of those Regulations.

Amendments to the principal Regulations
    3.    In regulation 4, the following paragraphs shall be substituted for paragraph (2)—
"  (2)  The prescribed percentage is 7.5 per cent. for an accounting period ending after 2nd October 1992 and before 1st January 1994.

    (3)  Subject to paragraph (2) above, the prescribed percentage is 12.5 per cent." .

    4.    In regulation 6, in paragraph (2), for the word "or" immediately precedingsub-paragraph (c) there shall be substituted the word "and".

L. J. H. Beighton

S. C. T. Matheson

Two of the Commissioners of Inland Revenue

10th December 1993

Schedule 19AB to the Income and Corporation Taxes Act 1988 provides that insurance companies carrying on pension business shall be entitled to provisional repayments of tax on pension business investment income. However, during a transitional period, the Commissioners of Inland Revenue may make a provision, by regulations, for the amount of a provisional repayment to be reduced by a prescribed percentage for any accounting period ending during that transitional period. The regulations may prescribe different percentages for accounting periods ending after different dates.

The Insurance Companies (Pension Business) (Transitional Provisions) Regulations 1992 (S.I. 1992/2326) ("the principal Regulations") made provision for the transitional period to apply to accounting periods ending after 2nd October 1992 and before 1st January 1999. The principal Regulations prescribed 7.5 per cent. as the percentage by which the amount of a provisional repayment should be reduced during the transitional period.

Regulation 3 amends the principal Regulations by prescribing 7.5 per cent. as the percentage by which the amount of a provisional repayment shall be reduced where the accounting period ends after 2nd October 1992 and before 1st January 1994, and 12.5 per cent. as the percentage in other cases.

Regulation 4 makes an amendment of a drafting nature to the principal Regulations.

[1] 1988 c. 1; Schedule 19AB was inserted by section 49 of, and Schedule 8 to, the Finance Act 1991 (c. 31), and amended by section 103(2)(h) of, and Part III(9) of Schedule 23 to, the Finance Act 1993 (c. 34). back

[2] S.I. 1992/2326. back