The question arising was whether paragraph 55(2) of Schedule 8 to the Finance Act 1995, a reinsurance treaty entered into on 25 November 1994 by the taxpayer reinsurer with a non-resident cedant is, by virtue of the fact that policies of life assurance ceded by that treaty were issued before 1 November 1994, within the following opening words of such paragraph ‘Where the policy or contract for any life assurance business was made before 1 November 1994 . . ‘
Held: Contracts for re-insurance were to be treated as coming within the definition of contracts for insurance, and so were caught by the transitional provisions. This construction leads to a matching between the business referred to in the opening clause of paragraph 55(2) and that referred to in the operative part of that provision. Appeal allowed.
Judges:
Lord Justice Mummery, Lady Justice Arden And Mr Justice Nelson
Citations:
[2003] EWCA Civ 789, Times 18-Jun-2003, [2003] BTC 368, [2003] STC 1129, 75 TC 261, [2003] STI 1071
Links:
Statutes:
Jurisdiction:
England and Wales
Citing:
Appeal from – Barrett (HM Inspector of Taxes) v Royal London Mutual Insurance Society Ltd ChD 5-Jul-2002
Paragraph 57(2) of Schedule 8 to the Finance Act 1995, which provides that section 442A of the Taxes Act 1998 ‘does not apply in relation to the reinsurance of a policy or contract where the policy or contract was made, and the reinsurance . .
Cited by:
Appealed to – Barrett (HM Inspector of Taxes) v Royal London Mutual Insurance Society Ltd ChD 5-Jul-2002
Paragraph 57(2) of Schedule 8 to the Finance Act 1995, which provides that section 442A of the Taxes Act 1998 ‘does not apply in relation to the reinsurance of a policy or contract where the policy or contract was made, and the reinsurance . .
Lists of cited by and citing cases may be incomplete.
Insurance, Corporation Tax
Updated: 24 November 2022; Ref: scu.183641