- Statutory Instrument 1997 No. 481
The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 1997
© Crown Copyright 1997
Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.
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 Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.
The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 1997 , ISBN 0 11 064038 1. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.
Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.
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.
STATUTORY INSTRUMENTS
1997 No. 481
| Made | 25th February 1997 | ||
| Laid before the House of Commons | 26th February 1997 | ||
| Coming into force | 19th March 1997 |
The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 431E 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:
1 . These Regulations may be cited as the Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 1997, shall come into force on 19th March 1997, and shall have effect in relation to accounting periods beginning on or after 1st November 1994.
2 . In the Insurance Companies (Overseas Life Assurance) (Compliance) Regulations 1995[3], the following regulation shall be inserted after regulation 3 -
-
"
Exclusion of business of friendly society which is exempt from tax
3 A. These Regulations do not apply to any business of a friendly society the profits arising from which are exempt from income tax and corporation tax under section 460(1)[4]."
S C T Matheson
G H Bush
Two of the Commissioners of Inland Revenue
25th February 1997
(This note is not part of the Regulations)
These Regulations amend the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 (S.I. 1995/3237) so as to provide that those Regulations do not apply to any business of a friendly society where the profits arising are exempt from income tax and corporation tax under section 460(1) of the Income and Corporation Taxes Act 1988.
These Regulations have effect in relation to accounting periods beginning on or after 1st November 1994. Authority for the retrospective effect of these Regulations is given by paragraph 58 of Schedule 8 to the Finance Act 1995.
Notes:
[1] 1988 c. 1; section 431E was inserted by paragraph 2 of Schedule 8 to the Finance Act 1995 (c. 4). back
[4] Section 460(1) of the Income and Corporation Taxes Act 1988 was amended by paragraph 5(2) of Schedule 9 to the Finance (No. 2) Act 1992 (c. 48). back
ISBN 0 11 064038 1