The Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000

• Citation: S.I. 2000/2075
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000 and shall come into force on 22nd August 2000.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Individual Savings Account (Insurance Companies) Regulations 1998 and “ regulation” means a regulation of the principal Regulations.

Section 3 Amendments to the principal Regulations

After regulation 12 there shall be inserted the following regulation—

(12A) In section 434(1A) there shall be added at the end the words “but this subsection shall not apply in relation to distributions in respect of which an insurance company is entitled to a tax credit in respect of its individual savings account business.”.

Section 4 Amendments to the principal Regulations

For regulation 14 there shall be substituted the following regulation—

(14) In section 438—

(a) in subsection (1) there shall be added at the end the words “ or individual savings account business”;

(b) subsection (4) shall be omitted.

Section 5 Amendments to the principal Regulations

After regulation 21 there shall be inserted the following regulation—

(21A) In paragraph 9(1) of Schedule 19AC , in the notionally inserted subsection (1D) of section 434, there shall be added at the end the words “but this subsection shall not apply in relation to distributions in respect of which an overseas life insurance company is entitled to a tax credit in respect of its individual savings account business.”.