24(1)This paragraph applies to a policy of life insurance—
(a)which is issued in respect of an insurance made after 17th November 1983; and
(b)which is so issued by a company resident outside the United Kingdom;
and in the following provisions of this paragraph such a policy is referred to as “a new non-resident policy” and the company by which it is issued is referred to as “the issuing company”.
(2)Notwithstanding anything in paragraph 21—
(a)a new non-resident policy shall not be certified under sub-paragraph (1)(a) of that paragraph, and
(b)a new non-resident policy which conforms with such a form as is mentioned in sub-paragraph (1)(b) of that paragraph shall not be a qualifying policy,
until such time as the conditions in either sub-paragraph (3) or sub-paragraph (4) below are fulfilled with respect to it.
(3)The conditions first referred to in sub-paragraph (2) above are—
(a)that the issuing company is lawfully carrying on in the United Kingdom life assurance business (as defined in section 431(2)); and
(b)that the premiums under the policy are payable to a branch in the United Kingdom of the issuing company, being a branch through which the issuing company carries on its life assurance business; and
(c)the premiums under the policy form part of those business receipts of the issuing company which arise through that branch.
(4)The conditions secondly referred to in sub-paragraph (2) above are—
(a)that the policy holder is resident in the United Kingdom; and
(b)that the income of the issuing company from the investments of its life assurance fund is, by virtue of section 445, charged to corporation tax under Case III of Schedule D;
and expressions used in paragraph (b) above have the same meaning as in section 445(1).