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falling within sub-paragraph (ii) above only to the extent that | |
they are derived directly or indirectly from contracts or other | |
arrangements relating to that person’s branch or agency in | |
the United Kingdom”. | |
Interpretation of paragraph 6(2B) | 5 |
4 After paragraph 11 insert— | |
“11A (1) This paragraph has effect for the interpretation of paragraph 6(2B) | |
above. | |
(2) “Contract of long-term insurance” means any contract falling | |
within Part II of Schedule 1 to the Financial Services and Markets | 10 |
Act 2000 (Regulated Activities) Order 2001. | |
(3) “Protection business” means contracts of long-term insurance | |
where— | |
(a) either— | |
(i) the contract has no surrender value; or | 15 |
(ii) the consideration consists of a single premium and | |
the surrender value does not exceed the amount of | |
that premium; and | |
(b) the contract makes no provision for its conversion or | |
extension in a manner which would result in its ceasing to | 20 |
fall within paragraph (a) above; | |
and references to protection business include a reference to | |
reinsurance of protection business. | |
(4) “Insurance group” shall be construed in accordance with section | |
255A(5) of the Companies Act 1985 (meaning of “insurance group” | 25 |
in Part 7) but reading Part 7 of that Act— | |
(a) as if it extended to Northern Ireland, and | |
(b) as if any reference to a company (within the meaning of | |
that Act) included a reference to a company as defined in | |
Article 3 of the Companies (Northern Ireland) Order 1986, | 30 |
but does not include such an insurance group if it falls within sub- | |
paragraph (5) below. | |
(5) Such an insurance group falls within this sub-paragraph if (within | |
the meaning of that Part as so read) the parent company is a | |
subsidiary undertaking of a parent company which is neither— | 35 |
(a) the parent company of an insurance group; nor | |
(b) a subsidiary undertaking of the parent company of an | |
insurance group. | |
(6) A controlled foreign company is, in accordance with sub- | |
paragraphs (4) and (5) above, a “member of an insurance group” if | 40 |
(within the meaning of that Part as so read) it is the parent | |
company, or a subsidiary undertaking of the parent company, of | |
an insurance group which is by virtue of sub-paragraph (4) above | |
an insurance group for the purposes of paragraph 6(2B) above. | |
(7) A company’s main business is “insuring or reinsuring large risks” | 45 |
if (and only if)— | |
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(a) the company’s main business is the effecting or carrying | |
out of contracts of insurance; and | |
(b) 50% or more of its gross trading receipts from that business | |
are derived from insuring or reinsuring large risks. | |
“Large risks” is defined in paragraph 11B below. | 5 |
(8) In this paragraph— | |
“contract of insurance” has the meaning given by article 3(1) | |
of the Financial Services and Markets Act 2000 (Regulated | |
Activities) Order 2001; | |
“contract of long-term insurance” has the meaning given by | 10 |
sub-paragraph (2) above. | |
11B (1) In paragraph 11A above “large risks” means— | |
(a) risks falling within classes 4, 5, 6, 7, 11 and 12 of Part I of | |
Schedule 1 to the Financial Services and Markets Act 2000 | |
(Regulated Activities) Order 2001; | 15 |
(b) risks falling within classes 14 and 15 of that Part which | |
relate to a business carried on by the policy holder; | |
(c) risks falling within classes 3, 8, 9, 10, 13 and 16 of that Part | |
where the policy holder carries on a business in respect of | |
which the condition specified in sub-paragraph (2) below | 20 |
is satisfied. | |
(2) The condition referred to in sub-paragraph (1)(c) above is that, in | |
the case of that business of the policy holder, at least two of the | |
three following criteria were exceeded in the most recent financial | |
year beginning on or after 1st January 1999 for which the | 25 |
information is available— | |
(a) balance sheet total: 6.2 million euros; | |
(b) net turnover 12.8 million euros; | |
(c) number of employees: 250. | |
(3) For the purposes of sub-paragraph (2) above as it applies where | 30 |
the policy holder is a company, within the meaning of section | |
735(1) of the Companies Act 1985 or Article 3 of the Companies | |
(Northern Ireland) Order 1986,— | |
(a) “balance sheet total” has the meaning given by section | |
247(5) of that Act or Article 255(5) of that Order; | 35 |
(b) “net turnover” has the meaning given to “turnover” by | |
section 262(1) of that Act or Article 270(1) of that Order; | |
and | |
(c) “number of employees” has the meaning given by section | |
247(6) of that Act or Article 255(6) of that Order; | 40 |
and for a financial year which is a company’s financial year but | |
not in fact a year, the net turnover of the company shall be | |
proportionately reduced. | |
(4) Where the policy holder is a member of a group for which | |
consolidated accounts (within the meaning of Directive 83/349/ | 45 |
EEC) are drawn up, the question whether the condition in sub- | |
paragraph (2) above is met shall be determined by reference to | |
those accounts. | |
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(5) For the purposes of sub-paragraph (1)(c) above as it applies where | |
the policy holder is a professional association, joint venture or | |
temporary grouping, the question whether the condition in sub- | |
paragraph (2) above is met shall be determined by reference to the | |
aggregate of the figures of the description in question for all the | 5 |
members of the professional association, joint venture or | |
temporary grouping. | |
(6) In sub-paragraphs (1) to (5) above “business” includes a trade or | |
profession and, for the purposes of sub-paragraph (1)(c) above, | |
any activity of a professional association, joint venture or | 10 |
temporary grouping. | |
(7) For the purposes of this paragraph, where an amount is | |
denominated in any accounts in a currency other than the euro, it | |
shall be converted into its equivalent in euros using the London | |
closing exchange rate for that currency and the euro for the last | 15 |
day of the period to which the accounts relate. | |
(8) In this paragraph— | |
“euro” means the single currency adopted or proposed to be | |
adopted as its currency by a member State in accordance | |
with the Treaty establishing the European Community; | 20 |
“financial year”, in relation to any person, means the period | |
(not exceeding 12 months) for which that person makes | |
up accounts.”. | |
Schedule 43 | |
Section 213 | |
Repeals | 25 |
Part 1 | |
Excise duties | |
(1) General betting duty | |
| | Short title and chapter | Extent of repeal | | | | | Betting and Gaming Duties Act | Section 5A. | | 30 | | | 1981 (c. 63) | In section 5C, subsections (2) and (3) and, in | | | | | | subsection (4), the words “In the case of a bet | | | | | | which is excluded from subsection (2) by | | | | | | virtue of subsection (3),”. | | |
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1 The repeal of section 5A has effect in accordance with section 6(6) of this Act. | 35 |
2 The repeals in section 5C have effect in accordance with section 7(5) and (6) | |
of this Act. | |
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(2) Bingo duty | |
| | Short title and chapter | Extent of repeal | | | | | Betting and Gaming Duties Act | In Schedule 3— | | | | | 1981 (c. 63) | (a) paragraphs 11, 12 and 15; | | | | | | (b) paragraph 16(2)(b) and the word “or” | | 5 | | | | preceding it. | | |
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These repeals have effect in accordance with section 9 of this Act. | |
| |
(3) Amusement machine licence duty | |
| | Short title and chapter | Extent of repeal | | 10 | | | Betting and Gaming Duties Act | In section 26—
| | | | | 1981 (c. 63) | (a) the definition of “coin” in subsection (2);
| | | | | | (b) subsection (4). | | |
|
These repeals have effect in accordance with section 11(3) of this Act. | |
| 15 |
(4) Vehicle excise duty | |
| | Short title and chapter | Extent of repeal | | | | | Vehicle Excise and Registration | Section 16. | | | | | Act 1994 (c. 22). | | | |
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This repeal has effect in accordance with section 16 of this Act. | 20 |
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Part 2 | |
Value added tax | |
Face-value vouchers | |
| | Short title and chapter | Extent of repeal | | 25 | | | Value Added Tax Act 1994 | In Schedule 6, paragraph 5. | | | | | (c. 23) | | | |
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This repeal has effect in accordance with paragraph 4 of Schedule 1 to this | |
Act. | |
| 30 |
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Part 3 | |
Income tax, corporation tax and capital gains tax | |
(1) Provision of services through intermediary | |
| | Short title and chapter | Extent of repeal | | | | | Income Tax (Earnings and | Section 49(2). | | 5 | | | Pensions) Act 2003 (c. 1) | In section 56(7), paragraph (c) and the word | | | | | | “and” preceding it. | | |
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These repeals have effect in accordance with section 135(4) of this Act. | |
| |
(2) Taxable benefits: cars: CO2 emissions | 10 |
| | Short title and chapter | Extent of repeal | | | | | Income Tax (Earnings and | In the table in section 139(4), in the entry for | | | | | Pensions) Act 2003 (c. 1) | 2004-05 and subsequent tax years, the words | | | | | | “and subsequent tax years”. | | |
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| 15 |
(3) Approved share plans and schemes | |
| | Short title and chapter | Extent of repeal | | | | | Income Tax (Earnings and | In section 701(2)(c)(i), the words “or 4 (approved | | | | | Pensions) Act 2003 (c. 1) | CSOP schemes)”. | | | | | | In Schedule 2, paragraphs 18(1)(a) and 47(3). | | 20 | | | | In Schedule 3, in paragraph 34(5), the words | | | | | | following paragraph (b). | | |
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(4) Employee securities and options | |
| | Short title and chapter | Extent of repeal | | | | | Income Tax (Earnings and | In section 19(2), the entries relating to Chapters | | | | | Pensions) Act 2003 (c. 1) | 8 and 9 of Part 3. | | | | | | In section 32(2), the entries relating to Chapters | | 5 | | | | 8 and 9 of Part 3. | | | | | | In section 63(1), the entries relating to Chapters | | | | | | 8 and 9 of Part 3. | | | | | | Section 64(5) and (6). | | | | | | Chapters 8 and 9 of Part 3. | | 10 | | | | In section 216— | | | | | | (a) in subsection (4), the entries relating to | | | | | | Chapters 8 and 9 of Part 3; | | | | | | (b) in subsection (6), the entries relating to | | | | | | sections 195(3) and 199(4). | | 15 | | | | Section 227(4)(d), (f) and (h). | | | | | | Section 491. | | | | | | Sections 494 and 495. | | | | | | Section 518. | | | | | | Section 519(4). | | 20 | | | | Section 520. | | | | | | Section 523. | | | | | | Section 524(4). | | | | | | Section 525. | | | | | | Section 528. | | 25 | | | | In section 701(2)(b), the words “subject to | | | | | | section 700(6),”. | | | | | | In Part 2 of Schedule 1, the entries listed in | | | | | | paragraph 42(2) of Schedule 22 to this Act. | | | | | | In Schedule 7, paragraphs 30, 31, 47, 48, 50 to 53, | | 30 | | | | 55(2)(a), 59 to 62, 66 and 67. | | | | | Finance Act 2003 | In Schedule 23, in paragraph 31, the entry | | | | | | relating to “subject to forfeiture”. | | |
|
These repeals have effect in accordance with Schedule 22 to this Act. | |
| 35 |
(5) Deductions for employee benefit contributions | |
| | Short title and chapter | Extent of repeal | | | | | Finance Act 2002 (c. 23) | In Schedule 29, in paragraph 113(3)(a) the words | | | | | | “or benefits” and “, or held by an | | | | | | intermediary,”. | | 40 |
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These repeals have effect in accordance with paragraph 11(1) of Schedule 24 | |
to this Act. | |
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(6) References to branch or agency | |
| | Short title and chapter | Extent of repeal | | | | | Taxes Management Act 1970 | In section 118(1), the definitions of “branch or | | | | | (c. 9) | agency” and “branch or agent”. | | | | | Income and Corporation Taxes | Section 95(1A)(e). | | 5 | | | Act 1988 (c. 1) | | | | | | Taxation of Chargeable Gains | In section 10— | | | | | Act 1992 (c. 12) | (a) subsection (3); | | | | | | (b) in subsection (4), the words “or | | | | | | corporation tax”. | | 10 | | | Finance Act 1994 (c. 9) | In section 219(4A), the words “11(2)(a) or”. | | | | | Finance Act 1995 (c. 4) | In section 126— | | | | | | (a) in subsection (1), the words | | | | | | “, corporation tax”; | | | | | | (b) in subsection (2)(c), the words from “or | | 15 | | | | fall” to “non-resident”; | | | | | | (c) in subsection (2), paragraph (d) and the | | | | | | word “and” preceding it; | | | | | | (d) in subsection (9), paragraph (b) and the | | | | | | word “and” preceding it. | | 20 | | | | In section 127— | | | | | | (a) in subsection (5)(b), the words “or 129”; | | | | | | (b) in subsection (19), paragraph (b) and the | | | | | | word “and” preceding it. | | | | | | Section 129. | | 25 | | | Finance (No. 2) Act 1997 (c. 58) | Section 24(3)(e). | | |
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These repeals have effect in relation to accounting periods beginning on or | |
after 1st January 2003. | |
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(7) Capital gains tax: reporting limits and annual exempt amount | 30 |
| | Short title and chapter | Extent of repeal | | | | | Taxation of Chargeable Gains | Section 3(6). | | | | | Act 1992 (c. 12) | | | | | | | In Schedule 1, paragraph 2(3). | | |
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These repeals have effect in accordance with paragraph 7 of Schedule 28 to | 35 |
this Act. | |
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