17(1)The following shall be substituted for the heading " Policy of Life Insurance " in Schedule 1 to the Stamp Act 1891—
| “POLICY OF LIFE INSURANCE— | |
| Where the amount insured exceeds £50 but does not exceed £1.000. | 1s. for every £100 or part of £100 of the amount insured. |
| Where the amount insured exceeds £1,000. | 10s. for every £1,000 or part of £1,000 of the amount insured. |
| And see sections 91, 98 and 100”. | |
(2)In subsections (1) and (3) of section 47 of the [1966 c. 18.] Finance Act 1966 (maximum duty of 6d. on policy of life insurance made for period not exceeding two years), for " sixpence " substitute " Is. ".
(3)A policy of life insurance which is made solely in connection with the re-insurance of a risk to which a policy duly stamped under the heading " Policy of Life Insurance " relates shall be chargeable with duty under that heading only if it is under seal, or, in Scotland, only if it has a clause of registration, and the duty then chargeable shall not exceed 10s.