LegalizeThe Non-resident Companies (General Insurance Business) (Amendment) Regulations 2008
Made: 7th October 2008
Laid before the House of Commons: 7th October 2008
Coming into force: 28th October 2008
The Treasury exercising the powers conferred by section 755C of the Income and Corporation Taxes Act 19881, makes the following Regulations:
Citation and commencement
1
These Regulations may be cited as the Non-resident Companies (General Insurance Business) (Amendment) Regulations 2008 and shall come into force on 28th October 2008.
Revocation of regulation 6 of the Non-resident Companies (General Insurance Business) Regulations 1999
2
Regulation 6 of the Non-resident Companies (General Insurance Business) Regulations 19992 is revoked in relation to accounting periods of relevant companies ending on or after the coming into force date.
Signed
Steve McCabe — Dave Watts — Two of the Lords Commissioners of Her Majesty’s Treasury — 7th October 2008
Explanatory note
(This note is not part of the Order)
EXPLANATORY NOTE
These Regulations amend the Non-resident Companies (General Insurance Business) Regulations 1999 (S.I. 1999/1408) by revoking regulation 6 of those Regulations, in relation to periods of account ending on or after the date on which the Regulations come into force.
A full impact assessment has not been produced as no impact on the private or voluntary sectors is foreseen.
Footnotes
1988, c. 1. Section 755C was inserted by section 113 of, and paragraph 15 of Schedule 17 to, the Finance Act 1998 (c. 36), with effect in relation to accounting periods of companies resident in the United Kingdom ending after 30 June 1999.
S.I. 1999/1408. Regulation 6 modified paragraph 2 of Schedule 25 to ICTA in cases where a non-resident company carried on general insurance business and drew up accounts relating to that business using a method falling within section 755B(2) of ICTA.
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