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Income Tax (Trading and Other Income) Act 2005

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Changes over time for: Cross Heading: Pre-20th March 1968 policies and contracts excluded from Chapter 9 of Part 4

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Point in time view as at 07/04/2005.

Changes to legislation:

There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Cross Heading: Pre-20th March 1968 policies and contracts excluded from Chapter 9 of Part 4. Help about Changes to Legislation

Pre-20th March 1968 policies and contracts excluded from Chapter 9 of Part 4U.K.

96(1)Chapter 9 of Part 4 does not apply to—U.K.

(a)a policy of life insurance issued in respect of an insurance made before 20th March 1968,

(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.

(2)For this purpose a policy of life insurance is treated as issued in respect of an insurance made on or after 20th March 1968 if it is varied on or after that date so as to extend its term or increase the benefits secured.

(3)A variation is ignored for the purposes of sub-paragraph (2) if—

(a)before the variation the policy complied with paragraph 2 of Schedule 9 to FA 1968 (general requirements for qualifying endowment policies) except for the amount guaranteed on death,

(b)the variation's only effect was to make the policy comply with that paragraph,

(c)the variation was effected before 1st January 1969, and

(d)the variation did not increase the premiums payable under the policy.

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