Explanatory Notes

Finance Act 2012

2012 CHAPTER 14

17 July 2012

Introduction

Section 227 Schedule 39: Repeal of Miscellaneous Reliefs Etc

Details of Schedule 39

Part 4: Life assurance
Removal of claw-backs on relief given under section 266 of ICTA

50.Paragraph 31 removes requirements for insurers to ‘claw-back’ amounts of LAPR from proceeds payable by an insurer on a second or subsequent surrender of some or all rights under a policy. These requirements will no longer apply to such events arising on or after 6 April 2015.