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Finance Act 2012

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This is the original version (as it was originally enacted).

Abolition of income tax relief for life assurance premiums under section 266 of ICTA

This section has no associated Explanatory Notes

26(1)In this paragraph—

(a)“the 1980 Regulations” means the Friendly Societies (Life Assurance Premium Relief) (Change of Rate) Regulations 1980 (S.I. 1980/1947), and

(b)terms have the same meaning as they have in the 1980 Regulations.

(2)This paragraph applies in relation to a friendly society which has adopted the prescribed scheme or an approved scheme in accordance with the provisions of the 1977 Regulations.

(3)The prescribed scheme or the approved scheme, and the 1977 Regulations and the 1980 Regulations, have effect in relation to the friendly society on the following basis.

(4)That basis is—

(a)paragraph 23 above does not remove any person’s entitlement to relief under section 266 of ICTA but does change the authorised percentage to 0%,

(b)the effective date in relation to that change is 6 April 2015,

(c)as well as having effect in relation to gross contributions due and payable on or after 6 April 2015, that change has effect in relation to gross contributions due and payable before that date so far as they are actually paid on or after 6 July 2015 (and, in particular, regulations 3(1) and 4(1) of the 1980 Regulations are to be read accordingly), and

(d)a resolution under regulation 3(1) of the 1980 Regulations may be passed in relation to that change at any time before 6 April 2015.

(5)For regulation 5 of the 1980 Regulations substitute—

5(1)This regulation applies if a gross contribution is amended under regulation 4.

(2)The friendly society may notify the Financial Services Authority of a proposal to amend the sum assured or guaranteed by the contract by an amount determined in accordance with rules which have been certified by an actuary to be fair in relation to the gross contribution payable.

(3)The proposed amendment may be made at any time after the expiry of the period of 3 months beginning with the day on which the proposal is notified to the Financial Services Authority.

(6)For regulation 8 of the 1980 Regulations substitute—

8(1)This regulation applies if a friendly society adopted an approved scheme under regulation 7 of the 1977 Regulations.

(2)The friendly society may notify the Financial Services Authority of a proposal to amend the approved scheme in consequence of any prospective change in the authorised percentage.

(3)The proposed amendment—

(a)may be made at any time after the expiry of the period of 3 months beginning with the day on which the proposal is notified to the Financial Services Authority, but

(b)must be made before 6 April 2015.

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