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The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001

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Relief on life assurance premiums

18.—(1) Amend section 266 (relief on life assurance premiums)(1) as follows.

(2) In subsection (2)(a) for sub-paragraphs (i) to (iii) substitute—

(i)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 or under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance; or

(ii)a member of the Society who effects or carries out contracts of long-term insurance in accordance with Part 19 of the Financial Services and Markets Act 2000;.

(3) After subsection (13) add—

(14) In subsection (2)(a)—

“contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and

“member of the society” has the same meaning as in Lloyd’s Act 1982(2)..

(1)

Section 266 was relevantly amended by paragraph 2(3) of Schedule 9 to the Finance (No. 2) Act 1992 (c. 48).

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