- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/2011)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 01/04/2011.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 481.
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(1)Conditions A to D are the conditions referred to in section 480(3)(a) (definition of “excepted group life policy”).
(2)Condition A is that under the terms of the policy a sum or other benefit of a capital nature is payable or arises—
(a)on the death in any circumstances of each of the individuals insured under the policy who dies under an age specified in the policy that does not exceed 75, or
(b)on the death, except in the same specified circumstances, of each of those individuals who dies under such an age.
(3)Condition B is that under the terms of the policy—
(a)the same method is to be used for calculating the sums or other benefits of a capital nature payable or arising on each death, and
(b)any limitation on those sums or other benefits is the same in the case of any death.
(4)Condition C is that the policy does not have, and is not capable of having, on any day—
(a)a surrender value that exceeds the proportion of the amount of premiums paid which, on a time apportionment, is referable to the unexpired paid-up period beginning with the day, or
(b)if there is no such period, any surrender value.
(5)In subsection (4) “the unexpired paid-up period”, in relation to a period beginning with a day, means the period beginning then and ending with the earliest subsequent day on which a payment of premium falls due under the policy or the term of the policy ends.
(6)Condition D is that no sums or other benefits may be paid or conferred under the policy, except as mentioned in condition A or C.
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