The Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 2003
These Regulations amend the Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 (S.I. 1995/1730) (“the principal Regulations”). The principal Regulations make provision for the purposes of section 442A of the Income and Corporation Taxes Act 1988 (c. 1) (“the Taxes Act”) in relation to the calculation of the investment return on an insurance policy or annuity contract which is the subject of a reinsurance arrangement. The main amendments are in consequence of amendments made to the legislation governing the taxation of insurance companies by Schedule 33 to the Finance Act 2003 (c. 14) (“Schedule 33”).