Finance Act 1984

74 Disqualification of certain life insurance policies

(1) In section 30 of the [1980 c. 48.] Finance Act 1980 (in this section referred to as the " principal section ")—

(a) in subsection (1) (certain life insurance policies not to be qualifying policies) for the words " the terms of which" there shall be substituted the words " and the terms of either policy "; and

(b) in subsection (3) (definition of " policy " by reference to ordinary long-term insurance business) for the words from " ordinary " to " and " there shall be substituted the words " long term business, as defined in section 1 of the [1982 c. 50.] Insurance Companies Act 1982, and ".

(2) Subsections (6) and (7) of the principal section (commencement) shall have effect in relation to the principal section as amended by subsection (1) above as if for the words " 26th March 1980", in each place where they occur, there were substituted the words " 23rd August 1983 " ; but nothing in this subsection affects the operation of the principal section in relation to a policy to which it would have applied apart from subsection (1) above.

(3) In any case where payments made—

(a) after 22nd August 1983, and

(b) by way of premium or other consideration in respect of a policy issued in respect of an insurance made before that date,

exceed £5 in any period, of twelve months, the policy shall be treated for the purposes of the principal section as if it were issued in respect of an insurance made after 22nd August 1983 ; but nothing in that section shall apply with respect to any premium paid in respect of it before that date.

(4) In subsections (2) and (3) above " policy " means a policy issued in the course of ordinary long-term insurance business as defined in section 96(1) of the [1982 c. 50.] Insurance Companies Act 1982 and includes any such policy issued outside the United Kingdom.