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Changes over time for: Cross Heading: Pre-3rd March 2004 policy or contract: calculation of deficiencies


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 07/04/2005.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-3rd March 2004 policy or contract: calculation of deficiencies.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Pre-3rd March 2004 policy or contract: calculation of deficienciesU.K.
117(1)In the case of a 2004 Act excluded policy or contract, section 541(4) (calculation of deficiencies) applies with the omission of paragraph (b) and the word “and” immediately preceding it.U.K.
(2)In this paragraph “a 2004 Act excluded policy or contract” means—
(a)a policy of life insurance issued in respect of an insurance made before 3rd March 2004,
(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 (3).
(3)A policy or contract is within this sub-paragraph if on or after 3rd March 2004—
(a)it is varied so as to increase the benefits secured,
(b)there is an assignment of the rights, or a share of the rights, conferred by it, or
(c)all or part of those rights become held as security for a debt.
(4)Any exercise of rights conferred by a policy or contract counts as its variation for the purposes of sub-paragraph (3)(a).
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