1.-(1) These Regulations may be cited as the Industrial Assurance (Premium Receipt Books) (Amendment) Regulations 1977 and shall come into operation on 1st September 1977.

(2) The rules for the construction of Acts of Parliament contained in the Interpretation Act 1889 shall apply for the purpose of the interpretation of these Regulations.

2. The Industrial Assurance (Premium Receipt Books) Regulations 1948(1), as amended by the Industrial Assurance (Premium Receipt Books) (Amendment) Regulations 1961(2), shall be amended by the addition after sub-paragraph (e) of paragraph (2) of regulation 6 of the following sub-paragraphs:

"(f)"the amount of the premium" in relation to a policy to which the prescribed scheme, or an approved scheme which provides for payment of net premiums, applies, means the amount of the net premium; and

(g)"the prescribed scheme", "an approved scheme" and "net premium" have the meanings assigned in paragraph (1) of regulation 2 of the Industrial Assurance (Life Assurance Premium Relief) Regulations 1977(3)."

EXPLANATORY NOTE

The Industrial Assurance (Premium Receipt Books) Regulations 1948, as amended by these Regulations, will require that where, after 6th April 1979, tax relief on premiums paid on policies of industrial assurance is effected by the premium payer retaining 17½ per cent of the premium, the particulars included in premium receipt books shall include the net amount of the premium after deduction of the amount retained.