Finance Act 2022
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Levy on authorised insurers: modernisation and compliance | ||
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71. (1) The Principal Act is amended— | ||
(a) in section 125A— | ||
(i) in subsection (1), by the insertion of the following definition: | ||
“‘electronic means’ has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997 ;”, | ||
(ii) in subsection (2), by the deletion of “in writing”, | ||
(iii) by the substitution of the following subsection for subsection (6): | ||
“(6) In the case of failure by an authorised insurer in respect of an accounting period— | ||
(a) to deliver not later than the due date any statement required by subsection (2) to be delivered by the authorised insurer, or | ||
(b) to pay the stamp duty chargeable on any such statement on the delivery of the statement, | ||
the authorised insurer shall from that due date until the day on which the stamp duty is paid, be liable to pay, in addition to the duty, interest on the stamp duty calculated in accordance with section 159D.”, | ||
(iv) by the deletion of subsection (8), and | ||
(v) by the insertion of the following subsection after subsection (12): | ||
“(13) Any statement required to be delivered to the Commissioners pursuant to subsection (2) shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.”, | ||
(b) in section 126C, in subsection (1), in the definition of “specified section”, by the substitution of “125, 125A or 125C” for “125 or 125C”, and | ||
(c) in section 134A, in subsection (1), in the definition of “relevant statement”, by the substitution of “125, 125A or 125C” for “125 or 125C”. | ||
(2) (a) Subject to paragraph (b), subsection (1) shall come into operation on 1 January 2023. | ||
(b) Subparagraphs (i), (ii) and (v) of subsection (1)(a) shall apply in respect of an accounting period (as defined in section 125A(1) of the Principal Act) beginning on or after 1 January 2023.”. |