Part I Qualifying Conditions
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

Part I Qualifying Conditions

[Rules for Qualifying Policies

Rights to be beneficially owned by individuals only

B1

(1)     Sub-paragraph (2) applies in relation to a policy issued in respect of an insurance made on or after 6 April 2013.

(2)     In order for the policy to be a qualifying policy, when it is issued all the rights under it must be beneficially owned by (and only by)—

(a)     one individual, or

(b)     two or more individuals taken together.

(This is the case notwithstanding any other provision of this Schedule.)

(3)     Sub-paragraph (2) does not apply if the policy is protected.

(4)     A policy is “protected†if it is a new policy (as defined in paragraph 17 below) in relation to—

(a)     a policy issued in respect of an insurance made before 21 March 2012, or

(b)     a policy which is protected (whether by virtue of paragraph (a) or this paragraph).

Assignments

B2

(1)     Sub-paragraph (2) applies if any rights under a qualifying policy are, or any share in any rights under a qualifying policy is, assigned on or after 6 April 2013.

(2)     The policy is not to be a qualifying policy after the assignment

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have not been living at the same address in the UK since 2017 but are in a genuine relationship. What effect will this have on their extension application?Immigration Rules, Part 8, para 319C sets out

LEXISNEXIS

Introduction to passing off

Unlike many other countries, the UK has no unfair competition law. Brand owners seeking to prevent competitors from marketing ‘copycat’ products or using misleading advertising have to rely on a combination of different intellectual property rights. These rights include the common law right to

LEXISNEXIS

The Money Laundering Reporting Officer (MLRO)

The Money Laundering Reporting Officer (MLRO)OverviewThe requirements to have robust systems and controls in a regulated firm to prevent money laundering originate from:•the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (as

LEXISNEXIS

Collective investment schemes—essentials

Collective investment schemes—essentialsThis Practice Note examines the definition of a collective investment scheme (CIS) and available exemptions, and the treatment of regulated and unregulated CIS.Definition of a collective investment schemeThe definition of a CIS is contained in section 235 of