(1)M1Subject to subsections (2) to (4) below, section 460(1) shall not apply to so much of the profits arising from tax exempt life or endowment business as is attributable to a policy which, by virtue of paragraph 6(2) of Schedule 15—
(a)is not a qualifying policy; and
(b)would not be a qualifying policy if all policies with other friendly societies were left out of account.
(2)[F1M2Section 460(2)(a) or (aa)] and subsection (1) above shall not withdraw exemption under section 460(1) for profits arising from any part of a life or endowment business relating to contracts made not later than 3rd May 1966.
(3)If, with respect to a policy issued in respect of an insurance made on or after 1st June 1984 and before 19th March 1985 for the assurance of a gross sum, there is or has been an infringement of any of the conditions in paragraph 3(2) to (11) of Schedule 15, section 460(1) shall not apply to so much as is attributable to that policy of the profits of the [F2friendly society or registered branch] concerned which arise from tax exempt life or endowment business.
(4)Nothing in subsection (3) above shall be taken to affect the status of a policy as a qualifying policy.
Textual Amendments
F1Words in s. 462(2)(a) substituted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 par. 8(2) S.I. 1993/236, art.2
F2Words in s. 462(3) substituted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para. 8(3) S.I. 1993/236, art.2
Marginal Citations
M1Source—1970 s.334(1); 1985 s.41(6)
M2Source—1970 s.336; 1985 Sch.10 Part II