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This is the original version (as it was originally enacted).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

28(1)The following repeals are made in consequence of the provision made by paragraph 23 above.

ActProvision repealed
ICTASections 266, 266A and 274.
Section 824(2D)(b) and (3)(ad).
Schedule 14.
In paragraph 8 of Schedule 15, the words from “but” (in the second place it occurs) to the end.
FA 1988Section 29.
Paragraph 9 of Schedule 3.
FA 1996Section 167(5) and (6).
Paragraph 11 of Schedule 18.
Paragraph 20 of Schedule 20.
ITEPA 2003Paragraphs 36 and 119 of Schedule 6.
FA 2004Paragraphs 9 and 10 of Schedule 35.
ITA 2007Section 811(6)(e) and the “and” before it.
Paragraph 232 of Schedule 1.
FA 2009Paragraphs 3 to 5 of Schedule 1.
Paragraph 9D of Schedule 54.

(2)In section 989 of ITA 2007 (definitions for the purposes of the Income Tax Acts) for the definition of “qualifying policy” substitute—

  • “qualifying policy” is to be read in accordance with Schedule 15 to ICTA,.

(3)The amendments made by sub-paragraphs (1) and (2) come into force on the day appointed by the Treasury by order made by statutory instrument.

(4)An order under sub-paragraph (3) may make transitional provision and savings.

(5)A statutory instrument containing an order under sub-paragraph (3) is subject to annulment in pursuance of a resolution of the House of Commons.

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