Regulation 9

In Regulation 17 (scope) of the principal Regulations for paragraphs (1) and (2) there shall be substituted—

“17

(1)

This Part applies where—

(a)

an insurer has paid tax and all or part of the premium on which the tax was charged is repaid; or

(b)

a taxable intermediary has paid tax and all or part of the fee on which the tax was charged is repaid.

(2)

Where—

(a)

an insurer receives a premium in an accounting period and repays that premium or part of it in that accounting period; or

(b)

a taxable intermediary receives a fee in an accounting period and repays that fee or part of it in that accounting period,

this Part shall apply as if the tax on the premium or fee (as the case may be) had already been paid by him.”.