Clause 33

in subsection (1), replace paragraph (aa) with —“(aa)to provide for tax at the rate specified in the first column of the following table, to be levied and paid for each year of assessment upon such income as the Minister may specify that is derived by an approved insurer set out opposite that rate in the second column of the table, from the reinsurance of liabilities under policies relating to life business as defined in section 3(1)(a) of the Insurance Act 1966, or such description of general business within the meaning of section 3(1)(b) of that Act, as may be prescribed:Tax rateApproved insurer10%An approved insurer whose approval is granted between 1 June 2017 and 18 February 2025 (both dates inclusive)10% or 15%An approved insurer whose approval is granted on or after 19 February 2025”;

in subsection (1)(c), in the table, under the heading “Approved insurer”, in paragraph (ii), replace “on or after 1 April 2018” with “between 1 April 2018 and 18 February 2025 (both dates inclusive)”;

in subsection (1)(c), in the table, after the item relating to “10%”, insert — “10% or 15% An approved captive insurer whose approval is granted on or after 19 February 2025”; and

after subsection (2), insert —“(2A) Regulations made under subsection (1)(aa) or (c) to provide for tax at the rate of 15% to be levied and paid for each year of assessment upon income mentioned in that provision may be made to take effect from (and including) 1 January 2025.”.