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

Qualifying policies

47.—(1) Amend Schedule 15 (qualifying policies)(1) as follows.

(2) In paragraph 4(3)(b)(i) for “business within class VI of Head A or class I of Head B of Schedule 2 to the Friendly Societies Act 1992” substitute “the business of effecting or carrying out contracts of insurance which fall within paragraph 1 of Part I or paragraph VI of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001”.

(3) In paragraph 11(1) for the words from “a contract falling” to the end substitute

• “(a)

  a contract of insurance on human life; or

  (b)

  a contract to pay annuities on human life.”.

(4) In paragraph 14(3) for the words from “effected” to “1982” substitute “evidencing a contract of long-term insurance”.

(5) In paragraph 14 after sub-paragraph (3) insert—

“(3A) In sub-paragraph (3) “contract of long-term insurance” means a contract which falls within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.

(1)

Schedule 15 was relevantly amended by paragraph 19(6) of Schedule 9 to the Finance (No. 2) Act 1992.