Barrett (HM Inspector of Taxes) v Royal London Mutual Insurance Society Ltd: CA 12 Jun 2003

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:

Bailii

Statutes:

Finance Act 1995 Sch8 Par55

Jurisdiction:

England and Wales

Citing:

Appeal fromBarrett (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 toBarrett (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