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The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001

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Qualifying policies

47.—(1) Amend Schedule 15 (qualifying policies)(1) as follows.

(2) In paragraph 4(3)(b)(i) for “business within class VI of Head A or class I of Head B of Schedule 2 to the Friendly Societies Act 1992” substitute “the business of effecting or carrying out contracts of insurance which fall within paragraph 1 of Part I or paragraph VI of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001”.

(3) In paragraph 11(1) for the words from “a contract falling” to the end substitute

  • “(a)

    a contract of insurance on human life; or

    (b)

    a contract to pay annuities on human life..

(4) In paragraph 14(3) for the words from “effected” to “1982” substitute “evidencing a contract of long-term insurance”.

(5) In paragraph 14 after sub-paragraph (3) insert—

(3A) In sub-paragraph (3) “contract of long-term insurance” means a contract which falls within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001..

(1)

Schedule 15 was relevantly amended by paragraph 19(6) of Schedule 9 to the Finance (No. 2) Act 1992.

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