The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 1997

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[^f00001] and paragraph 58 of Schedule 8 to the Finance Act 1995[^f00002], 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[^f00003], the following regulation shall be inserted after regulation 3—

(3A) 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)[^f00004].

Signed

S C T Matheson — G H Bush — Two of the Commissioners of Inland Revenue — 25th February 1997

Explanatory note

(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.

Footnotes

[^f00001]: 1988 c. 1; section 431E was inserted by paragraph 2 of Schedule 8 to the Finance Act 1995 (c. 4).

[^f00002]: 1995 c. 4.

[^f00003]: S.I. 1995/3237.

[^f00004]: 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).