Finance Act 1995

2 (1) Section 464 of that Act (maximum benefits payable to members) shall be amended as follows.

(2) In subsection (3), before paragraph (za) there shall be inserted the following paragraph—

“(zza) contracts under which the total premiums payable in any period of 12 months exceed £270; or”.

(3) In paragraph (za) of that subsection, after “contracts” there shall be inserted “made before the day on which the Finance Act 1995 was passed and”.

(4) In subsection (4A), for “the Finance Act 1991” there shall be substituted “the Finance Act 1995”.

(5) In subsection (4B), for the words from “variation made” onwards there shall be substituted “variation made—

(a) in the period beginning with 25th July 1991 and ending with 31st July 1992, or

(b) in the period beginning with the day on which the Finance Act 1995 was passed and ending with 31st March 1996,

the contract shall, for the purposes of subsection (3) above, be treated, in relation to times when the contract has effect as varied, as made at the time of the variation.”