The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008
These Regulations amend the Overseas Insurers (Tax Representatives) Regulations 1999 (S.I. 1999/881 amended by S.I. 2001/2726, 2002/443 and 2004/3272) (“the principal Regulations”). The treatment of gains made by companies on or from investments in life insurance contracts was altered by Schedule 13 to the Finance Act 2008 (“FA 2008”), which brought the treatment of such gains into the loan relationships regime within Chapter 2 of Part 4 of the Finance Act 1996 (c. 8). Schedule 14 to FA 2008 made consequential changes including paragraph 3 and 7 of Schedule 14 which repealed the provisions of Chapter II of Part XIII (except section 552 to 552B) of the Income and Corporation Taxes Act 1988 (“ICTA”). These Regulations make amendments consequential to the changes made by Schedules 13 and 14 to FA 2008. These Regulations also make changes which update references to provisions of ICTA in the principal Regulations with corresponding rewritten provisions of the Income Tax (Trading and Other Income) Act 2005 (“ITTOIA”) and update references following changes made by the Commissioners for Revenue and Customs Act 2005 (“CRCA 2005”) and the Finance Act 2007 (“FA 2007”).