UK Statutory Instrument SI 2008/562 United Kingdom

The Income Tax (Purchased Life Annuities) Regulations 2008

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm6 Responsible Person1

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Financial Services Firm — also bound by 167 other Acts
Responsible Person — also bound by 108 other Acts
MH(CT)(S)A 2003 30 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.007 What must be done on receipt of the completed form Regulated
  • Calculate and report the exempt capital element of a purchased life annuityResponsible Person
s.010 Nomination of a tax representative Regulated
  • Appoint a UK tax representative if you sell annuities in the UKFinancial Services Firm
s.011 Procedure for nomination Regulated
  • Nominate a tax representative for UK annuity paymentsFinancial Services Firm
s.012 Decision as to nomination Regulated
Other duties (1) — Crown / regulator
  • HMRC must decide on tax representative nominations within 30 daysCrown / Minister / Government department
s.013 Notification of changes Regulated
  • Notify HMRC of changes to nomination informationFinancial Services Firm
s.018 Other arrangements Regulated
  • Non-UK insurers must apply for HMRC alternative tax arrangementsFinancial Services Firm
s.019 Appointment by the Commissioners of a non-United Kingdom insurer's tax representative Regulated
  • Non-UK insurers must nominate a UK tax representative or face one appointed by HMRCFinancial Services Firm
s.024 Period for which records to be kept Regulated
  • Keep records for 3 years after annuity contract endsFinancial Services Firm
20 other provisions — procedural and definitional
s.001 Citation, commencement and application
s.002 Interpretation
s.003 Application of this Part
s.004 Initial steps
s.005 Annuitant to provide information and make declaration
s.006 Form to be returned on completion
s.008 What the relevant person must do if no completed form is received
s.009 Application of this Part
s.014 Termination of appointment of a tax representative – other than death or bankruptcy, etc
s.015 Termination of appointment of a tax representative – death or bankruptcy, etc
s.016 Tax representative to remain in post until successor appointed
s.017 Release of non-United Kingdom insurer from requirement to nominate a tax representative
s.020 Appeals against decisions of the Commissioners
s.021 Obligation to keep proper records
s.022 Information to be provided to the Commissioners
s.023 Inspection of records
s.025 Transfer of records
s.026 Penalties
s.027 Transitional provision
s.028 Revocations

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.