[Part A1 Premium Limit for Qualifying Policies]
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

SCHEDULE 15 Qualifying Policies

Section 267

[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 period is or could be increased,

or both;

(c)     the assignment on or after 6 April 2013 of any rights, or any share in any rights, under

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