# The Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000

S.I. 2000/2075 · made 28 July 2000

These Regulations amend the Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871). The amendments ensure that an insurance company is entitled to a tax credit in respect of distributions received relating to its individual savings account business, and that any such credit is brought into account in computing the insurance company’s profit from its individual savings account business.

Made under: Income and Corporation Taxes Act 1988 (Section 333B)

PDFs: Printed copy https://openlegislation.uk/individual-savings-account-insurance-companies-amendment-regulations-2000/pdf/uksi_20002075_en.pdf

## Introductory text

INCOME TAX
Made 28th July 2000
Laid before the House of Commons 1st August 2000
Coming into force 22nd August 2000
The Treasury, in exercise of the powers conferred on them by section 333B(1) and (7) of the Income and Corporation Taxes Act 1988, hereby make the following Regulations:

## 1 Citation and commencement

These Regulations may be cited as the Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000 and shall come into force on 22nd August 2000.

## 2 Interpretation

In these Regulations “the principal Regulations” means the Individual Savings Account (Insurance Companies) Regulations 1998 and “ regulation” means a regulation of the principal Regulations.

## 3 Amendments to the principal Regulations

After regulation 12 there shall be inserted the following regulation—
“12A In section 434(1A) there shall be added at the end the words “but this subsection shall not apply in relation to distributions in respect of which an insurance company is entitled to a tax credit in respect of its individual savings account business.”.”

## 4 Amendments to the principal Regulations

For regulation 14 there shall be substituted the following regulation—
“14 In section 438—
(a) in subsection (1) there shall be added at the end the words “ or individual savings account business”;
(b) subsection (4) shall be omitted.”.

## 5 Amendments to the principal Regulations

After regulation 21 there shall be inserted the following regulation—
“21A In paragraph 9(1) of Schedule 19AC, in the notionally inserted subsection (1D) of section 434, there shall be added at the end the words “but this subsection shall not apply in relation to distributions in respect of which an overseas life insurance company is entitled to a tax credit in respect of its individual savings account business.”.”

## Signature

Jim Dowd
Greg Pope
Two of the Lords Commissioners of Her Majesty’s Treasury
28th July 2000

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871). The amendments ensure that an insurance company is entitled to a tax credit in respect of distributions received relating to its individual savings account business, and that any such credit is brought into account in computing the insurance company’s profit from its individual savings account business.

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Source: https://www.legislation.gov.uk/uksi/2000/2075 (the official version)
Page: https://openlegislation.uk/individual-savings-account-insurance-companies-amendment-regulations-2000
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.