Statutory Instrument 1995 No. 3238

The Insurance Companies (Overseas Life Assurance Business) (Tax Credit) Regulations 1995

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© Crown Copyright 1995

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1995 No. 3238

INCOME TAX

The Insurance Companies (Overseas Life Assurance Business) (Tax Credit) Regulations 1995

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by sections 431E(2) and (3) and 441A(3) to (5) of the Income and Corporation Taxes Act 1988^[1] and paragraph 58 of Schedule 8 to the Finance Act 1995^[2], hereby make the following Regulations:

Citation, commencement and effect
    1.    These Regulations may be cited as the Insurance Companies (Overseas Life Assurance Business) (Tax Credit) Regulations 1995, shall come into force on 2nd January 1996, and shall have effect in relation to accounting periods beginning on or after 1st November 1994.

Interpretation
    2.—(1)  In these Regulations unless the context otherwise requires—
"the Board" means the Commissioners of Inland Revenue;
"branch" includes agency;
"the Compliance Regulations" means the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995^[3];
"linked liabilities" means liabilities in respect of benefits to be determined by reference to the value of linked assets;
"policy holder" includes annuitant;
"relevant overseas policy holders" shall be construed in accordance with regulation 3;
"relevant tax credit" has the meaning given by regulation 8;
"tax credit territory" shall be construed in accordance with regulation 4.


    (2)  In regulations 9 to 12, in any case where the obligations under any policy or contract of the body that issued, entered into or effected it ("the original insurer") are at any time the obligations of another body ("the transferee") to whom there has been a transfer of the whole or any part of a business previously carried on by the original insurer, any reference to an insurance company (however expressed) shall, unless the context otherwise requires, include the transferee.

    (3)  In these Regulations any reference to a particular provision, without more, is a reference to that provision of the Income and Corporation Taxes Act 1988.

Meaning of relevant overseas policy holders
    3.—(1)  For the purposes of these Regulations, and subject to paragraph (2) below, policy holders are relevant overseas policy holders of a company if—
 (a) in relation to business other than reinsurance business, the company's life assurance business with them is overseas life assurance business, or
 (b) in relation to reinsurance business—
 (i) the cedant company's life assurance business with them is overseas life assurance business, or
 (ii) the reinsurance of the cedant company's business with them is overseas life assurance business.

    (2)  Policy holders shall not be relevant overseas policy holders where the business is reinsurance of business within sub-paragraph (i) or (ii) of section 431D(1)(b)^[4].

Meaning of tax credit territory
    4.    For the purposes of these Regulations a territory is a tax credit territory if an individual resident in the territory and receiving a distribution would be entitled, under arrangements having effect by virtue of section 788, to a tax credit in respect of a qualifying distribution made to him by a company resident in the United Kingdom.

[1] 1988 c. 1. Section 431E was inserted by paragraph 2 of Schedule 8 to the Finance Act 1995 (c. 4). Section 441A was inserted by paragraph 3 of Schedule 7 to the Finance Act 1990 (c. 29) and subsections (3) to (5) were substituted by paragraph 31 of Schedule 8 to the Finance Act 1995. back

[2] 1995 c. 4. back

[3] S.I. 1995/3237. back

[4] Section 431D was inserted by paragraph 2 of Schedule 8 to the Finance Act 1995. back

Explanatory Note