The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) (No. 2) (Amendment) Regulations 2007

• Citation: S.I. 2007/2147
• Sections: 6

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) (No. 2) (Amendment) Regulations 2007 and shall come into force on 14th August 2007.

(2) Regulations 3, 4 and 5 have effect in relation to periods of account beginning on or after 1st January 2007.

(3) Regulation 6 has effect in relation to insurance business transfer schemes within the meaning given by section 431(2) of the Income and Corporation Taxes Act 1988 taking effect on or after 21st March 2007.

Section 2 Amendments to the Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) (No. 2) Regulations 2006

The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) (No. 2) Regulations 2006 are amended as follows.

Section 3 Omission of regulation 3

Omit regulation 3 (modifications of section 12 of the Income and Corporation Taxes Act 1988).

Section 4 Amendment of regulation 5

(1) In regulation 5 (modification of section 439A of the Income and Corporation Taxes Act 1988), in paragraph (b), for “439A” substitute “431G(3)”.

(2) The heading before that regulation accordingly becomes “Modification of section 431G of the Income and Corporation Taxes Act 1988”.

Section 5 Amendment of regulation 6

For regulation 6 (modification of section 444AA of the Income and Corporation Taxes Act 1988) substitute—

Modification of section 444AA of the Income and Corporation Taxes Act 1988

(6) In section 444AA —

(a) in subsection (7)(b)—

(i) in sub-paragraph (i) omit “, other than one that is a preliminary non-EEA transfer scheme”;

(ii) in sub-paragraph (ii) omit “that are not preliminary non-EEA transfer schemes”;

(b) in subsection (9) omit “and two or more of the insurance business transfer schemes are not preliminary non-EEA transfer schemes”;

(c) omit subsection (11).

Section 6 Insertion of regulation 7A

After regulation 7 (modification of section 444AB of the Income and Corporation Taxes Act 1988) insert—

Modification of section 444ABD of the Income and Corporation Taxes Act 1988

(7A) In section 444ABD(1)(b) , in a case where the transferor is an EEA firm or a Treaty firm, omit “line 32 of”.