The Life Assurance and Other Policies (Keeping of Information and Duties of Insurers) Regulations 1997
Section 552 of the Income and Corporation Taxes Act 1988 (“section 552” and “the Taxes Act” respectively) requires an insurer to deliver a certificate to the inspector of taxes where a chargeable event within the meaning of Chapter II of Part XIII of the Taxes Act has happened. (The meaning of a “chargeable event” is given by sections 540(1), 542(1) and 545(1) of the Taxes Act in relation to a policy of life insurance, a contract for a life annuity and a capital redemption policy respectively.) These Regulations make provision for securing that the Commissioners of Inland Revenue (“the Board”) are able to ascertain whether there has been or is likely to be any contravention of the requirements of section 552 and to verify any certificate delivered under that section.