Finance Act 2012

Abolition of income tax relief for life assurance premiums under section 266 of ICTA

28 (1) The following repeals are made in consequence of the provision made by paragraph 23 above.

Act	Provision repealed
ICTA	Sections 266, 266A and 274.
	Section 824(2D)(b) and (3)(ad).
	Schedule 14.
	In paragraph 8 of Schedule 15, the words from “but” (in the second place it occurs) to the end.
FA 1988	Section 29.
	Paragraph 9 of Schedule 3.
FA 1996	Section 167(5) and (6).
	Paragraph 11 of Schedule 18.
	Paragraph 20 of Schedule 20.
ITEPA 2003	Paragraphs 36 and 119 of Schedule 6.
FA 2004	Paragraphs 9 and 10 of Schedule 35.
ITA 2007	Section 811(6)(e) and the “and” before it.
	Paragraph 232 of Schedule 1.
FA 2009	Paragraphs 3 to 5 of Schedule 1.
	Paragraph 9D of Schedule 54.

(2) In section 989 of ITA 2007 (definitions for the purposes of the Income Tax Acts) for the definition of “qualifying policy” substitute—

• ““qualifying policy” is to be read in accordance with Schedule 15 to ICTA,”.

(3) The amendments made by sub-paragraphs (1) and (2) come into force on the day appointed by the Treasury by order made by statutory instrument.

(4) An order under sub-paragraph (3) may make transitional provision and savings.

(5) A statutory instrument containing an order under sub-paragraph (3) is subject to annulment in pursuance of a resolution of the House of Commons.