SCHEDULES
SCHEDULE 34

Policies of life insurance etc: miscellaneous amendments
Part 1

Group life policies

Exception of certain group life policies from Chapter 2 of Part 13
1
1
Section 539 of the Taxes Act 1988 (introductory) is amended as follows.
2
In subsection (2)
(policies and contracts to which the Chapter does not apply) at the end of paragraph (d) add
; or
e
to any group life policy having as its sole object the provision, on the death or disability of any of the individuals insured under the policy, of a sum substantially the same as any amount then outstanding under a loan made by a credit union to that individual; or
f
to any group life policy with respect to which the conditions in section 539A are satisfied (“an excepted group life policy”).
.
3
In subsection (3)
(defined expressions) insert each of the following definitions at the appropriate place—
- “credit union” means a society registered as a credit union under the Industrial and Provident Societies Act 1965 or the Credit Unions (Northern Ireland) Order 1985;
;
“excepted group life policy” shall be construed in accordance with subsection (2)(f) above;
;
“group life policy” means a policy of life insurance whose terms provide—
a
for the payment of benefits on the death of more than one individual; and
b
for those benefits to be paid on the death of each of those individuals;
.