The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2002

• Citation: S.I. 2002/443
• Sections: 10

Section 1 Citation, commencement and effect

These Regulations, which may be cited as the Overseas Insurers (Tax Representatives) (Amendment) Regulations 2002, shall come into force on 6th April 2002 and shall have effect in respect of chargeable events occurring on and after that date.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Overseas Insurers (Tax Representatives) Regulations 1999 and a reference in regulations 4 to 9 below—

(a) to a numbered regulation is a reference to the regulation of the principal Regulations which bears that number; and

(b) to a numbered paragraph is a reference to the paragraph of the Schedule to the principal Regulations which bears that number.

Section 3 Amendment of the principal Regulations

Amend the principal Regulations in accordance with regulations 4 to 9 below.

Section 4 Amendment of the principal Regulations

In regulation 2 (interpretation)—

(a) for the definition of “notice” substitute—

“notice” means notice given either in writing or in such form and by such means of electronic communications as may be approved by directions given by the Board, and “notify” and “notification” shall be construed accordingly;

(b) omit the definitions of “section 552A” and “section 552B” ;

(c) at the end of the definition of “the Taxes Act” for “1988.” substitute—

1988, and a reference to a numbered section, without more, is a reference to the section of the Taxes Act bearing that number.

Section 5 Amendment of the principal Regulations

In regulation 10(2)(a) omit “of the Taxes Act”.

Section 6 Amendment of the principal Regulations

In paragraph 1 in the definition of “gain”, omit “of the Taxes Act”.

Section 7 Amendment of the principal Regulations

In paragraph 4(a) for “section 552 of the Taxes Act;” substitute “section 552 (as read with section 552ZA);”.

Section 8 Amendment of the principal Regulations

For paragraph 8 substitute—

(8) For the purpose of this undertaking a relevant event is—

(a) a chargeable event within the meaning of Chapter 2 of Part 13 of the Taxes Act; or

(b) a chargeable event which is treated as occurring by reason of regulation 6(1) of the Personal Portfolio Bonds (Tax) Regulations 1999 ,

in respect of which an insurer is under an obligation to deliver a certificate under section 552.

Section 9 Amendment of the principal Regulations

In paragraph 10—

(a) in sub-paragraph (e) for “of the Taxes Act” substitute “, apart from section 553(3)”; and

(b) in sub-paragraph (f) for “of the Taxes Act” substitute “, apart from section 553(8)”.

Section 10 Transitional provision

For the purposes of regulation 12(1)(c) of the principal Regulations (release of overseas insurer from requirement to nominate a tax representative), an undertaking given by an overseas insurer before the coming into force of these Regulations, which complied with the terms of Parts II and III of the Schedule to the principal Regulations as then in force, shall have effect as if it were an undertaking in the terms required by the Schedule as amended by these Regulations.

Accordingly any agreement by the Board to release the insurer under regulation 12(1)(c) given before the coming into force of these Regulations shall continue to have effect until the Board give notice of their decision to withdraw from it.