Search Legislation

Income and Corporation Taxes Act 1988

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes to legislation:

Income and Corporation Taxes Act 1988, Cross Heading: The reliefs is up to date with all changes known to be in force on or before 19 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

  • s. 109A(4B) inserted by 2005 c. 7 Sch. 4 para. 6(3) (This amendment not applied to legislation.gov.uk. The amending provision (2005 c. 7, Sch. 4 para. 6) repealed retrospectively by 2005 c. 22, Sch. 6 para. 4(1)(6))
  • Sch. 19AB para. 5(5)(a)(b) words substituted by S.I. 2001/3629 art. 52(2)(n) (This amendment not applied to legislation.gov.uk. The words to be substituted do not occur in Sch. 19AB para. 5)

The reliefsU.K.

256 General.U.K.

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1S. 256 omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(a)

[F2256AMeaning of “adjusted net income”U.K.

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2Ss. 256A, 256B inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 28 (with Sch. 2)

F3S. 256A omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(b)

256BMeaning of “the minimum amount”U.K.

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2Ss. 256A, 256B inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 28 (with Sch. 2)

F4S. 256B omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(c)

257 Personal allowance.U.K.

F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5S. 257 omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(d)

[F6257AA Children’s tax credit.U.K.

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F6S. 257AA inserted (with effect in accordance with s. 30(5) of the amending Act) by Finance Act 1999 (c. 16), s. 30(1)

257A Married couple’s allowance[F8(pre-5th December 2005 marriages)].U.K.

F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F8Words in s. 257A heading inserted (5.12.2005 with effect in accordance with reg. 1(4) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 51(5)

F9Ss. 257A-257BB omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(e)

[F10257ABMarried couple's allowance (post-5th December 2005 marriages and civil partnerships etc.)U.K.

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F10S. 257AB inserted (5.12.2005 with effect in accordance with reg. 1(4) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 52

F11Ss. 257A-257BB omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(e)

[F12257BA Elections as to transfer of relief under section 257A [F13or 257AB].U.K.

F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F12Ss. 257BA, 257BB substituted for s. 257B (16.7.1992 with application in relation to tax for the year 1993-94 and subsequent years of assessment) by Finance (No. 2) Act 1992 (c. 48), s. 20, Sch. 5 paras.2, 10.

F13Words in s. 257BA heading inserted (5.12.2005 with effect in accordance with reg. 1(4) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 53(9)

F14Ss. 257A-257BB omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(e)

F16257BB Transfer of relief under section 257A where relief exceeds income[F15 or 257AB.]U.K.

F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F15Words in s. 257BB heading inserted (5.12.2005 with effect in accordance with reg. 1(4) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 54(6)

F16Ss. 257BA, 257BB substituted for s. 257B (16.7.1992 with application in relation to tax for the year 1993-94 and subsequent years of assessment) by Finance (No. 2) Act 1992 (c. 48), s. 20, Sch. 5 paras.2, 10.

F17Ss. 257A-257BB omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(e)

F18257B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
257C Indexation of amounts in [F22sections 256B, 257][F23, 257A and 257AB].U.K.

F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F22Words in s. 257C sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 34(3) (with Sch. 2)

F23Words in s. 257C sidenote substituted (5.12.2005 with effect in accordance with reg. 1(4) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 55(d)

F24S. 257C omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(f)

257D Transitional relief: husband with excess allowances.U.K.

F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F25Ss. 257D-257F repealed (with effect in accordance with s. 32(4), Sch. 20 Pt. 3(3) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 32(2), Sch. 20 Pt. 3(3)

257E Transitional relief: the elderly.U.K.

F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F26Ss. 257D-257F repealed (with effect in accordance with s. 32(4), Sch. 20 Pt. 3(3) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 32(2), Sch. 20 Pt. 3(3)

257F Transitional relief: separated couples.U.K.

F27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F27Ss. 257D-257F repealed (with effect in accordance with s. 32(4), Sch. 20 Pt. 3(3) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 32(2), Sch. 20 Pt. 3(3)

F28258 Widower’s or widow’s housekeeper.U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F28S. 258 repealed (1988-89 and subsequent years) by Finance Act 1988 (c. 39), s. 25(3), Sch.14 Part IV

259 Additional relief in respect of children.U.K.

F29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F29Ss. 259-261A repealed (with effect in accordance with s. 33(2), Sch. 20 Pt. 3(4) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 33(1), Sch. 20 Pt. 3(4)

260 Apportionment of relief under section 259.U.K.

F30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F30Ss. 259-261A repealed (with effect in accordance with s. 33(2), Sch. 20 Pt. 3(4) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 33(1), Sch. 20 Pt. 3(4)

261 Claims under section 259 for year of marriage.U.K.

F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F31Ss. 259-261A repealed (with effect in accordance with s. 33(2), Sch. 20 Pt. 3(4) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 33(1), Sch. 20 Pt. 3(4)

[F32261A Additional relief in respect of children for year of separation.U.K.

F33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F32S. 261A inserted (16.7.1992 with application in relation to tax for the year 1993-94 and subsequent years of assessment) by Finance (No. 2) Act 1992 (c. 48), s. 20, Sch. 5 paras.6, 10.

F33Ss. 259-261A repealed (with effect in accordance with s. 33(2), Sch. 20 Pt. 3(4) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 33(1), Sch. 20 Pt. 3(4)

262 Widow’s bereavement allowance.U.K.

F34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F34S. 262 repealed (with effect in accordance with s. 34(2), Sch. 20 Pt. 3(5) Note 1 of the repealing Act) by Finance Act 1999 (c. 16), s. 34(1), Sch. 20 Pt. 3(5) (with s. 34(3))

F35263 Dependent relatives.U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F35S. 263 repealed (1988-89 and subsequent years) by Finance Act 1988 (c. 39), s. 25(3), Sch.14 Part IV

F36264 Claimant depending on services of a son or daughter.U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F36S. 264 repealed (1988-89 and subsequent years) by Finance Act 1988 (c. 39), s. 25(3), Sch.14 Part IV

265 Blind person’s allowance.U.K.

F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F37S. 265 omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(g)

266 Life assurance premiums.U.K.

(1)M1Subject to the provisions of this section, [F38section 274 and Schedules 14 and 15 and sections 192 to 194 of the Finance Act 2004,] an [F39eligible individual] who pays any such premium as is specified in subsection (2) below F40. . . shall (without making any claim) be entitled to relief under this section.

[F41(1A)For the purposes of subsection (1) above an individual is an eligible individual if the individual—

(a)is resident in the United Kingdom, or

(b)meets the conditions in section 56(3) of ITA 2007.]

(2)M2The premiums referred to in subsection (1) above are any premiums paid by an individual under a policy of insurance or contract for a deferred annuity, where—

(a)the payments are made to —

[F42(i)a person who has permission under [F43Part 4A] of the Financial Services and Markets Act 2000 or under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance; or

(ii)a member of the Society who effects or carries out contracts of long-term insurance in accordance with Part 19 of the Financial Services and Markets Act 2000;]

(iv)in the case of a deferred annuity, the National Debt Commissioners; and

(b)the insurance or, as the case may be, the deferred annuity is on the life of the individual or on the life of his spouse [F44or civil partner]; and

(c)the insurance or contract was made by him or his spouse [F44or civil partner].

(3)Subject to subsections F45. . . (10) and (11) below, no relief under this section shall be given—

(a)M3except in respect of premiums payable under policies for securing a capital sum on death, whether in conjunction with any other benefit or not;

(b)M4in respect of premiums payable under any policy issued in respect of an insurance made after 19th March 1968 unless the policy is a qualifying policy;

(c)M5in respect of premiums payable under any policy issued in respect of an insurance made after 13th March 1984 F46. . . ;

(d)M6in respect of premiums payable during the period of deferment in respect of a policy of deferred assurance.

(4)M7Subject to [F47subsection] (8) below, relief under this section in respect of any premiums paid by an individual in a year of assessment shall be given by making good to the person to whom they are paid any deficiency arising from the deductions authorised under subsection (5) below; and this section and Schedule 14 shall have effect in relation to any premium or part of a premium which is paid otherwise than in the year of assessment in which it becomes due and payable as if it were paid in that year.

(5)Subject to the provisions of Schedule 14—

(a)an individual resident in the United Kingdom who is entitled to relief under this section in respect of any premium may deduct from any payment in respect of the premium and retain an amount equal to [F4812.5 per cent] of the payment; and

(b)the person to whom the payment is made shall accept the amount paid after the deduction in discharge of the individual’s liability to the same extent as if the deduction had not been made and may recover the deficiency from the Board.

(6)F49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6A)F49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)F50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8)M8Where the individual is not resident in the United Kingdom [F51(but is entitled to relief by virtue of subsection (1A)(b))], subsection (4) above shall not apply but F52. . . the like relief shall be given to him under paragraph 6 of Schedule 14.

(9)M9Subsections (5) and (8) above shall apply in relation to an individual who is not resident in the United Kingdom but is a member of the armed forces of the Crown or the [F53spouse][F54or civil partner] of such a member as if the individual were so resident.

(10)M10Subsection (3)(b) above shall not apply—

(a)to any policy of life insurance having as its sole object the provision on an individual’s death or disability of a sum substantially the same as any amount then outstanding under a mortgage of his residence, or of any premises occupied by him for the purposes of a business, being a mortgage the principal amount secured by which is repayable by instalments payable annually or at shorter regular intervals; or

(b)to any policy of life insurance issued in connection with an approved scheme as defined in Chapter I of Part XIV.

In the application of this subsection to Scotland, for any reference to a mortgage there shall be substituted a reference to a heritable security within the meaning of the M11Conveyancing (Scotland) Act 1924 (but including a security constituted by ex facie absolute disposition or assignation).

(11)M12Subsection (3)(a) and (d) above shall not affect premiums payable—

(a)under policies or contracts made in connection with any superannuation or bona fide pension scheme for the benefit of the employees of any employer, or of persons engaged in any particular trade, profession, vocation or business, or for the benefit of the [F55spouse, [F56civil partner,] widow, widower [F57, surviving civil partner] or children or other dependants of any such employee or person,] or

(b)under policies taken out by teachers in the schools known in the year 1918 as secondary schools, pending the establishment of a superannuation or pension scheme for those teachers.

(12)Schedule 14 shall have effect for the purpose of modifying, for certain cases, and supplementing the provisions of this section.

[F58(13)In F59. . . Schedule 14, “friendly society” means the same as in the Friendly Societies Act 1992 (and includes any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society within the meaning of that Act).]

[F60(14)In subsection (2)(a)—

  • “contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and

  • “member of the society” has the same meaning as in Lloyd’s Act 1982 M13.]

Textual Amendments

F38Words in s. 266(1) substituted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 9 (with Sch. 36)

F39Words in s. 266(1) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 3(2)(a)

F40Words in s. 266(1) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 3(2)(b)

F41S. 266(1A) inserted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 3(3)

F42S. 266(2)(a)(i)(ii) substituted for s. 266(2)(a)-(iii) (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 18(2)

F45Word in s. 266(3) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 3(4)

F46Words in s. 266(3)(c) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 36(2), Sch. 3 Pt. 1 (with Sch. 2)

F47Words in s. 266(4) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 3(5)

F48Words in s. 266(5)(a) substituted (from 6.4.1989) by Finance Act 1988 (c. 39), s. 29

F49S. 266(6)(6A) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 36(4), Sch. 3 Pt. 1 (with Sch. 2)

F50S. 266(7) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 3(6)

F51Words in s. 266(8) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 3(7)

F52Words in s. 266(8) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 36(6)(c), Sch. 3 Pt. 1 (with Sch. 2)

F53Words in s. 266(9) substituted (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 35, Sch. 3 para. 9(a)

F55Words in s. 266(11)(a) substituted (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 35, Sch. 3 para. 9(b)

F59Words in s. 266(13) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 36(7), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

C2S. 266 relief abolished and s. 266 restricted by Finance Act 2012 (c. 14), Sch 39 para. 23

Marginal Citations

M1Source-1970 s.19(1); 1976 Sch.4 3(1)

M2Source-1970 s.19(2); 1976 s.36(5), Sch.4 3(2)

M3Source-1970 s.19(3)(a)

M4Source-1970 s.19(4)

M5Source-1984 s.72(1)

M6Source-1970 s.19(3)(b)

M7Source-1976 Sch.4 4(1) 5; 1978 Sch.3 2; 1980 s.29(2)(b)

M8Source-1976 Sch.4 4(2)

M9Source-1976 Sch.4 5A; 1978 Sch.3 5

M10Source-1970 s.19(4)(a), (c); 1971 Sch.3 11

M12Source-1970 s.19(3)(i)(ii)

[F61266ALife assurance premiums paid by employerU.K.

(1)This section applies if—

(a)pursuant to [F62an employer-financed] retirement benefits scheme, the employer in any year of assessment pays a sum with a view to the provision of any relevant benefits for or in respect of any employee of that employer, and

(b)the payment is made under such an insurance or contract as is mentioned in section 266.

This section applies whether or not the accrual of the relevant benefits is dependent on any contingency.

(2)Relief, if not otherwise allowable, shall be given to that employee under section 266 in respect of the payment to the extent, if any, to which such relief would have been allowable to him if—

(a)the payment had been made by him, and

(b)the insurance or contract under which the payment is made had been made with him.

[F63(3)For the purposes of subsection (1)(a) benefits are provided in respect of an employee if they are provided for the employee’s spouse, widow or widower, children, dependants or personal representatives.

(4)If a sum within subsection (1) is paid with a view to the provision of benefits for or in respect of more than one employee of the employer, part of it is to be treated as paid for or in respect of each of them.

(5)The amount treated as paid for or in respect of each employee is—

where—

A is the sum paid,

B is the amount which would have had to be paid to secure the benefits to be provided for or in respect of the employee in question, and

C is the total amount which would have had to be paid to secure the benefits to be provided for or in respect of all the employees if separate payments had been made in the case of each of them.

(6)This section does not apply if—

(a)in the year of assessment in which the sum is paid the earnings from the employee’s employment are (or, if there are none, would be if there were any) earnings charged on remittance, or

(b)the employee is not domiciled in the United Kingdom in the tax year in which the sum is paid and the conditions in subsection (7) are met.

(7)Those conditions are—

(a)that the employment is with a foreign employer, and

(b)that, on a claim made by the employee, the Board are satisfied that the pension scheme corresponds to a registered pension scheme.

(8)In subsection (6)(a) “earnings charged on remittance” means earnings which are taxable earnings under—

(a)section 22 of ITEPA 2003 (chargeable overseas earnings for year when [F64remittance basis applies and employee outside section 26]), or

(b)section 26 of that Act (foreign earnings for year when [F65remittance basis applies and employee meets section 26A requirement]).

[F66(8A)Section 835BA of ITA 2007 (deemed domicile) applies for the purposes of subsection (6)(b).]

(9)In this section—

  • employer-financed retirement benefits scheme”, and

  • relevant benefits”,

  • have the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections 393A and 393B of that Act).]]

Textual Amendments

F61S. 266A inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 36 (with Sch. 7)

F62Words in s. 266A(1) substituted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 10(2) (with Sch. 36)

F63S. 266A(3)-(9) substituted for s. 266A(3)-(6) (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 10(3) (with Sch. 36)

F64Words in s. 266A(8)(a) substituted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 16(a) (with Sch. 46 para. 26)

F65Words in s. 266A(8)(b) substituted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 16(b) (with Sch. 46 para. 26)

F66S. 266A(8A) inserted (with effect in accordance with Sch. 8 para 1(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 8 para. 1(1)

267 Qualifying policies.U.K.

Schedule 15, Part I of which contains the basic rules for determining whether or not a policy is a qualifying policy, Part II of which makes provision for the certification etc. of policies as qualifying policies and Part III of which modifies Parts I and II in their application to certain policies issued by non-resident companies, shall have effect for the purpose of determining whether or not a policy is a qualifying policy; and, accordingly, any reference in this Act to a qualifying policy shall be construed in accordance with that Schedule.

268 Early conversion or surrender of life policies.U.K.

F67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F67Ss. 268-272 omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(1)

269 Surrender etc. of policies after four years.U.K.

F68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F68Ss. 268-272 omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(1)

270 Provisions supplementary to sections 268 and 269.U.K.

F69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F69Ss. 268-272 omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(1)

271 Deemed surrender in cases of certain loans.U.K.

F70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F70Ss. 268-272 omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(1)

272 Collection of sums payable under sections 268 and 269.U.K.

F71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F71Ss. 268-272 omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(1)

273 Payments securing annuities.U.K.

F72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F72S. 273 omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(h)

274 Limits on relief under [F73section 266].U.K.

(1)M14The aggregate of the premiums F74. . . in respect of which relief is given to any person under section 266 shall not exceed £1,500 in any year of assessment or one-sixth of that person’s total income, whichever is the greater.

(2)M15The aggregate of the relief given under [F75section 266] in respect of premiums F76. . . payable for securing any benefits other than capital sums on death shall not exceed the amount of the income tax calculated at [F7712.5%] on £100.

(3)F78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)M16War insurance premiums shall not be taken into account in calculating the limits of one-sixth of total income or of £100 mentioned in this section.

In this subsection “war insurance premiums” means any additional premium F79. . . paid in order to extend an existing life insurance policy to risks arising from war or war service abroad, and any part of any premium F79. . . paid in respect of a life insurance policy covering those risks, or either of them, which [F80is] attributable to those risks, or either of them.

Textual Amendments

F73Word in s. 274 heading substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 4(6)

F74Words in s. 274(1) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(2)

F75Words in s. 274(2) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 4(3)(a)

F76Words in s. 274(2) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(3)(b)

F77Words in s. 274(2) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 4(3)(c)

F78S. 274(3) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(4)

F79Words in s. 274(4) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(5)

F80Word in s. 274(4) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 20

Marginal Citations

M14Source-1970 s.21(1); 1976 Sch.4 21

M15Source-1970 s.21(3); 1975 Sch.2 6

M16Source-1970 s.21(5)

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

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.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources