SCHEDULES

C1C2SCHEDULE 15 QUALIFYING POLICIES

Annotations:
Modifications etc. (not altering text)

F1PART A1Premium limit for qualifying policies

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Amendments (Textual)

How to determine if an individual is a beneficiary under a policy

A5

1

This paragraph applies for the purposes of this Part of this Schedule in determining if an individual is a beneficiary under a policy.

2

An individual is a beneficiary under a policy if the individual beneficially owns—

a

any rights under the policy, or

b

any share in any rights under the policy.

3

An individual is a beneficiary under a policy if—

a

any rights under the policy are, or any share in any rights under the policy is, held on non-charitable trusts created by the individual, and

b

those rights are, or that share is, not beneficially owned by any individual.

4

The following provisions of ITTOIA 2005 apply for the purposes of sub-paragraph (3)(a)—

a

section 465(6), and

b

the definition of “non-charitable trust” in section 545(1).

5

An individual is a beneficiary under a policy if—

a

any rights under the policy are, or any share in any rights under the policy is, held as security for a debt of the individual, and

b

those rights are, or that share is, not beneficially owned by any individual.