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Statutory Instruments

2008 No. 562

Income Tax

The Income Tax (Purchased Life Annuities) Regulations 2008

Made

5th March 2008

Laid before the House of Commons

5th March 2008

Coming into force

6th April 2008

Contents

Go to Preamble

  1. PART 1

    Introduction

    1. 1.Citation, commencement and application

    2. 2.Interpretation

  2. PART 2

    Procedure where annuity is purchased

    1. 3.Application of this Part

    2. 4.Initial steps

    3. 5.Annuitant to provide information and make declaration

    4. 6.Form to be returned on completion

    5. 7.What must be done on receipt of the completed form

    6. 8.What the relevant person must do if no completed form is received

  3. PART 3

    Additional requirements where annuity is purchased from a non-United Kingdom insurer

    1. 9.Application of this Part

    2. 10.Nomination of a tax representative

    3. 11.Procedure for nomination

    4. 12.Decision as to nomination

    5. 13.Notification of changes

    6. 14.Termination of appointment of a tax representative – other than death or bankruptcy, etc

    7. 15.Termination of appointment of a tax representative – death or bankruptcy, etc

    8. 16.Tax representative to remain in post until successor appointed

    9. 17.Release of non-United Kingdom insurer from requirement to nominate a tax representative

    10. 18.Other arrangements

    11. 19.Appointment by the Commissioners of a non-United Kingdom insurer’s tax representative

    12. 20.Appeals against decisions of the Commissioners

  4. PART 4

    Record-keeping and provision of information

    1. 21.Obligation to keep proper records

    2. 22.Information to be provided to the Commissioners

    3. 23.Inspection of records

    4. 24.Period for which records to be kept

    5. 25.Transfer of records

  5. PART 5

    Miscellaneous

    1. 26.Penalties

    2. 27.Transitional provision

    3. 28.Revocations

Go to Explanatory Note

The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations, in exercise of the powers conferred by section 658(3) of the Income and Corporation Taxes Act 1988(1) and section 724 of the Income Tax (Trading and Other Income) Act 2005(2).

PART 1 Introduction

Citation, commencement and application

1.—(1) These Regulations may be cited as The Income Tax (Purchased Life Annuities) Regulations 2008 and come into force on 6th April 2008.

(2) These Regulations apply to an annuity under which the first payment to the annuitant is made on or after 6th April 2008, subject to the transitional provision in regulation 27.

Interpretation

2.  In these Regulations—

“the 1956 Regulations” means the Income Tax (Purchased Life Annuities) Regulations 1956(3);

“the 2005 Act” means the Income Tax (Trading and Other Income) Act 2005;

“annuitant” means the person beneficially entitled for the time being to the payments on account of an annuity;

“annuity” means a purchased life annuity within the meaning of section 423 of the 2005 Act;

“the Commissioners” means the Commissioners for Her Majesty’s Revenue and Customs;

“insurer” means a United Kingdom insurer or a non-United Kingdom insurer, as the case may be;

“non-United Kingdom insurer” means any person carrying on life annuity business and who—

(a)

is resident outside the United Kingdom; and

(b)

does not carry on such business through a permanent establishment in the United Kingdom;

“relevant EEA State” means an EEA State, other than the United Kingdom;

“relevant person” means—

(a)

a United Kingdom insurer; or

(b)

a tax representative appointed in accordance with Part 3; or

(c)

a person appointed in accordance with arrangements made under regulation 18;

“relevant records” means the records referred to in regulation 21(1);

“tax representative” means the person appointed in accordance with Part 3 to act as such for a non-United Kingdom insurer;

“the partial tax exemption” means the exemption provided by Chapter 7 of Part 6 of the 2005 Act; and

“United Kingdom insurer” means—

(a)

any person resident in the United Kingdom carrying on life annuity business; or

(b)

any person not so resident who carries on life annuity business through a permanent establishment in the United Kingdom.

(2)

2005 c. 5 as amended by section 46 of the Finance Act 2007 (c. 11), which came into force on 6th April 2008 (S.I. 2008/561(C.19). Back [2]

(3)

S.I. 1956/1230, as amended by S.I. 1960/2308; S.I. 1990/626; and S.I. 1991/2808. Back [3]

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