Part 1 Amendments of Schedule 15 to ICTA etc
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 9 Qualifying Insurance Policies

Section 25

Part 1 Amendments of Schedule 15 to ICTA etc

1

Schedule 15 to ICTA (qualifying insurance policies) is amended as follows.

2

Before Part 1 insert—

“Part A1
Premium Limit for Qualifying Policies
Premium limit for qualifying policies to apply from 6 April 2013
A1

(1)     Sub-paragraph (2) applies if—

(a)     an event falling within sub-paragraph (3) occurs,

(b)     apart from sub-paragraph (2), the policy to which the event relates would be a qualifying policy after the event, and

(c)     an individual who is a beneficiary under that policy is in breach of the premium limit for qualifying policies.

(2)     That policy is not to be a qualifying policy after the event.

(3)     The events falling within this sub-paragraph are—

(a)     the issue of a policy in respect of an insurance made on or after 6 April 2013;

(b)     the variation of a policy on or after 6 April 2013 where as a result of the variation—

(i)     the period over which premiums are payable under the policy is or could be lengthened, or

(ii)     the total amount of the premiums payable under the policy in any relevant

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