
1 
These Regulations may be cited as the Income Tax (Insurance Companies) (Expenses of Management) Regulations 1992 and shall come into force on 24th November 1992, but shall have effect with respect to sums paid before, as well as after, their coming into force.
2 
In these Regulations unless the context otherwise requires—
 “ LAUTRO” means the Life Assurance and Unit Trust Regulatory Organisation Limited;
 “ the Lautro (Compensation Schemes) Rules 1991” means the rules so entitled which were made by the Board of directors of LAUTRO on 26th November 1991;
 “ the Lautro Indemnity Scheme” means the scheme established by rules 8.2 and 8.3 in Part VIII of the Lautro Rules 1988 as amended by the Lautro (Compensation Schemes) Rules 1991;
 “ the Lautro Rules 1988” means the rules so entitled which were made by the Board of directors of LAUTRO on 26th April 1988.
3 
Any sums paid by a company to which section 76 of the Income and Corporation Taxes Act 1988 applies under a levy imposed under the Lautro Indemnity Scheme established under the rules of LAUTRO shall be treated for the purposes of that section as part of the company’s expenses of management.
Irvine Patnick
Tim Wood
Two of the Lords Commissioners of Her Majesty’s Treasury
2nd November 1992