Finance Act 2020

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Insurance regulations - stamp duty

51. The Principal Act is amended—

(a) in section 103(1), in the definition of “appropriate person”—

(i) by deleting paragraphs (e) and (f),

(ii) in paragraph (j), by substituting “for themselves,” for “for themselves;”, and

(iii) by inserting the following paragraph after paragraph (j):

“(k) an insurance undertaking (within the meaning of the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ));”,

(b) in section 124B(1), in paragraph (b) of the definition of “insurer”, by substituting “the holder of an authorisation to carry on insurance of a class listed in Schedule 2 to the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 )” for “the holder of an authorisation within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 )”,

(c) in section 125(1) —

(i) in the definition of “assessable amount”, by substituting “a leading insurer (as that term is used in the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ))” for “a leading insurer (within the meaning of the European Communities (Co-insurance) Regulations, 1983 ( S.I. No. 65 of 1983 ))”, and

(ii) in the definition of “insurer”, by substituting “the holder of an authorisation to carry on insurance of a class listed in Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 )” for “the holder of an authorisation within the meaning of the European Communities (Non-Life Insurance) Framework Regulations, 1994 ( S.I. No. 359 of 1994 )”,

and

(d) in section 125B(1), by substituting the following for the definition of “insurer”:

“‘insurer’ means the holder of an authorisation to carry on insurance of a class listed in Schedule 2 to the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 )”.