112(1)In the case of a 1998 Act excluded policy or contract, section 467 (person liable: UK resident trustees) does not apply if—U.K.
(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).