Finance Act 2013

7 (1) The amendments made by this Schedule have effect in relation to— U.K.

(a) any policy of life insurance issued in respect of an insurance made on or after 6 April 2013, or

(b) any contract constituting a capital redemption policy made on or after that date.

(2) The amendment made by paragraph 3 above has effect in relation to any insurance or contract made before 6 April 2013 if on or after that date—

(a) the policy or contract is varied with the result that there is an increase in the benefits secured,

(b) there is or was an assignment (or assignation) of rights, or a share of the rights, conferred by the policy or contract (whether or not for money's worth) to the individual or deceased, or

(c) some or all of the rights conferred by the policy or contract become or became held as a security for a debt of the individual or deceased,

and the other amendments made by this Schedule have effect in relation to the insurance or contract accordingly.

(3) For the purposes of sub-paragraph (2)(a) an exercise of rights conferred by a policy or contract is to count as a variation of the policy or contract.

(4) In the case of a policy or contract treated under section 473A of ITTOIA 2005 as a single policy or contract, for the purposes of sub-paragraphs (1) and (2) the date on which the insurance or contract is made is the date on which, as the case may be—

(a) the first insurance is made in respect of which the connected policies are issued, or

(b) the first of the connected contracts is made.