SCHEDULES
SCHEDULE 2Transitionals and savings etc.
Part 6Savings and investment income: insurance contracts and policies made before certain dates
Pre-17th March 1998 policy or contract: UK resident trustees
112
1
In the case of a 1998 Act excluded policy or contract, section 467 (person liable: UK resident trustees) does not apply if—
a
the trusts were created before 17th March 1998, and
b
the person or at least one of the persons who created them was an individual who died before that date.
2
For the purposes of sub-paragraph (1)(b), section 472(1) is ignored.
3
In this paragraph “a 1998 Act excluded policy or contract” means—
a
a policy of life insurance issued in respect of an insurance made before 17th March 1998,
b
a contract for a life annuity made before that date, or
c
a capital redemption policy where the contract was made before that date,
but excluding a policy or contract within sub-paragraph (4).
4
A policy or contract is within this sub-paragraph if it has been varied on or after 17th March 1998 so as—
a
to increase the benefits secured, or
b
to extend the term of the insurance, annuity or capital redemption policy.
5
Any exercise of rights conferred by a policy or contract counts as its variation for the purposes of sub-paragraph (4).