- Latest available (Revised)
- Original (As enacted)
Finance Act 1991
You are here:
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland, Northern Ireland)
- Show Timeline of Changes
Opening Options
Changes to legislation:
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 1991. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to :
Changes and effects
This section lists the changes and effects yet to be applied to the specific provision you are viewing.
- Sch. 9 para. 1-3 omitted by 2012 c. 14 Sch. 18 para. 23(b)
Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:
Changes and effects
This section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.
- Blanket amendment words substituted by S.I. 2011/1043 art. 3 4
Commencement Orders yet to be applied to the Finance Act 1991:
Commencement Orders
This section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.
Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2003/766 art. 2 Sch. commences (2002 c. 40)
- S.I. 2003/1397 art. 2(1) Sch. commences (2002 c. 40)
- S.I. 2003/2093 art. 2(1) Sch. 1 art. 2(2) Sch. 2 commences (2002 c. 40)
- S.I. 2005/3056 art. 2(2) commences (2003 c. 17)
- S.I. 2009/403 art. 2 commences (2008 c. 9)
- S.S.I. 2006/286 art. 2(b) commences (2005 asp 16)
- S.S.I. 2007/472 arts. 2 3 Sch. 1 2 commences (2005 asp 16)
- S.R. 2006/21 art. 2 commences (S.I. 2005/1455 (N.I.))
- S.R. 2006/22 art. 2-7 transitional provisions for effects of SR 2006/21
1(1)Section 460 of the Taxes Act 1988 (exemption from tax in respect of life or endowment business) shall be amended as follows.E+W+S+N.I.
(2)Subsection (2) shall be amended as mentioned in sub-paragraphs (3) to (6) below.
(3)Before sub-paragraph (i) of paragraph (c) there shall be inserted—
“(ai)where the profits relate to contracts made on or after the day on which the Finance Act 1991 was passed, of the assurance of gross sums under contracts under which the total premiums payable in any period of 12 months exceed £200 or of the granting of annuities of annual amounts exceeding £156;”.
(4)In that sub-paragraph, for “31st August 1987” there shall be substituted “ 31st August 1990 but before the day on which the Finance Act 1991 was passed ”.
(5)In sub-paragraph (ia) of paragraph (c), after “£100” there shall be inserted “ or of the granting of annuities of annual amounts exceeding £156 ”.
(6)At the end of that paragraph, for “and” there shall be substituted—
“(ca)shall not apply to so much of the profits arising from life or endowment business as is attributable to contracts for the assurance of gross sums made on or after 20th March 1991 and expressed at the outset not to be made in the course of tax exempt life or endowment business; and”.
(7)In subsection (3)—
(a)for “subsection (2)(c)(i) or (ia)” there shall be substituted “ subsection (2)(c)(ai), (i) or (ia) ”;
(b)for “subsection (2)(c)(i)” there shall be substituted “ subsection (2)(c)(ai), (i) or (ia) ”.
(8)After subsection (4) there shall be inserted—
“(4A)Subsection (4B) below applies to contracts for the assurance of gross sums under tax exempt life or endowment business made after 31st August 1987 and before the day on which the Finance Act 1991 was passed.
(4B)Where the amount payable by way of premium under a contract to which this subsection applies is increased by virtue of a variation made in the period beginning with the day on which the Finance Act 1991 was passed and ending with 31st July 1992, the contract shall be treated for the purposes of subsection (2)(c) above as made at the time of the variation.”
Options/Help
Print Options
Print The Whole Act
Print The Whole Schedule
Print The Whole Cross Heading
Print This Section only
You have chosen to open The Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Act as a PDF
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open the Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open Schedules only
The Schedules only you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources