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HMRC internal manual

Insurance Policyholder Taxation Manual

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HM Revenue & Customs
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Purchased life annuities: overseas payers: release from requirement to appoint a tax representative: declaration by insurer that it will conduct life and annuity business in accordance with UK law

As explained in IPTM4480 there is no specific form of words that a non-UK insurer must use when making the declaration. Regulation 17 says that the non-UK insurer must make a declaration that it will conduct life annuity business in accordance with the law applicable in the United Kingdom and this includes The Income Tax (Purchased Life Annuities) Regulation 2008 SI2008/562 as amended by SI2008/1481. 

A non-UK insurer may however want to use the following form of words when making the declaration

The declaration given below is made in accordance with regulation 17 of The Income Tax (Purchased Life Annuities) Regulations 2008 SI2008/562 as amended by SI2008/1481.

All references below to ‘regulations’ are references to The Income Tax (Purchased Life Annuities) Regulations 2008 SI 2008/562 as amended by SI2008/1481.

In respect of all purchased life annuities and in accordance with regulation 17 of the regulations …………………………………………………………………………………………….. (‘the company’) declares to the Commissioners for HM Revenue and Customs that it will conduct life annuity business in accordance with the law applicable in the United Kingdom.

The company further declares that it will apply the partial exemption scheme provided by Chapter 7 of Part 6 of the Income Tax (Trading and Other Income) Act 2005 and the procedures set out in regulations 4 to 8 inclusive.

The company acknowledges that the agreement of the Commissioners for HM Revenue and Customs is subject to their right in accordance with regulation 17(4) of the regulations to withdraw from the agreement and require the company to nominate a tax representative or make other arrangements with the Commissioners.

On the basis of this declaration, the company requests that the Commissioners for HM Revenue and Customs release them from the obligation to have a tax representative.

Signed on behalf of the company this ……………… day of …………………………… 20……

By the proper officer of the Company as defined for the purposes of section 108 Taxes Management Act 1970 by subsection (3) of that section:

………………………………………………………………………………………………………………………………………

Name of Officer (Printed) ……………………………………………………………………………………………

Further reference and feedback IPTM1013