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Finance Act 1975

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This is the original version (as it was originally enacted).

9Provisions supplementary to sections 7 and 8

(1)Where on the happening of an event in relation to a policy of life insurance a sum is payable under section 7 or 8 of this Act, relief under section 19 of the Taxes Act in respect of the relevant premiums paid under the policy shall be reduced by the sum so payable or, as the case may be, by so much of that sum as does not exceed the amount of that relief (or does not exceed so much of that amount as remains after any previous reduction under this section).

(2)For the purposes of this section the relevant premiums are—

(a)in relation to a sum payable under section 7 of this Act, the premiums payable under the policy up to the happening of the event by reason of which the sum is payable; and

(b)in relation to a sum payable under section 8 of this Act, the premiums payable in the year (from the making of the insurance) in which the event happens by reason of which the sum is payable.

(3)Where the relevant premiums are payable in more than one year of assessment the reduction in relief under this section-shall, so far as possible, reduce relief for an earlier year of assessment before reducing relief for a later one.

(4)Any sum paid under section 7 or 8 of this Act by reason of any event shall be treated—

(a)as between the parties, as received by the person by whom the premiums under the policy were paid; and

(b)for the purposes of income tax, as income tax paid by that person in satisfaction of the increase in liability resulting from the reduction of relief under this section ;

and where that sum exceeds that increase in liability he shall be entitled, on a claim made by him not later than six years after the end of the year of assessment in which the event happens, to repayment of the excess.

(5)Schedule 1 to this Act shall have effect with respect to the payment of sums payable under section 7 or 8 of this Act and related matters.

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