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Finance Act 1976
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- UK Public General Acts
- 1976 c. 40
- SCHEDULE 4
- Limit on deductions authorised...
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Limit on deductions authorised under paragraph 5
6(1)Where the premiums payable in any year in respect of any policy or contract exceed £1,500 the percentage mentioned in paragraph 5(a) above is a percentage of such part only of any payment as bears to the whole thereof the same proportion as £1,500 bears to the total amount of the premiums so payable ; but without prejudice to the operation of paragraph 15 below in any case where by virtue of this paragraph the relief given under section 19 is reduced below the limit specified in section 21.
(2)In this paragraph " year " means the twelve months beginning with the making of the assurance or contract and any subsequent period of twelve months.
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