Finance Act 1984

76 Insurance policies issued outside the United Kingdom

(1) After paragraph 1 of Schedule 2 to the [1975 c. 7.] Finance Act 1975 (certification of qualifying insurance policies) there shall be inserted the paragraph set out in Part I of Schedule 15 to this Act.

(2) In connection with the amendment made by subsection (1) above, Schedule 1 to the Taxes Act and Schedule 2 to the [1975 c. 7.] Finance Act 1975 shall have effect subject to the modifications set out in Part II of Schedule 15 to this Act.

(3) In paragraph 9(3)(a) of Schedule 1 to the Taxes Act (circumstances in which a policy substituted for a policy issued outside the United Kingdom may be a qualifying policy) for the words " person in respect of whom the new insurance is made " there shall be substituted the words " policy holder under the new policy ".

(4) The provisions of Chapter III of Part XIV of the Taxes Act (additional charges to tax on chargeable events in relation to life insurance policies etc.) shall have effect subject to the modifications set out in Part III of Schedule 15 to this Act, being modifications in relation to—

(a) insurance policies affected by the amendment made by subsection (1) above ; and

(b) new offshore capital redemption policies, as defined in subsection (5) below.

(5) In subsection (4)(b) above and Part III of Schedule 15 to this Act, a " new offshore capital redemption policy " means a capital redemption policy, as defined in section 393(3) of the Taxes Act, which—

(a) is issued in respect of an insurance made after 22nd February 1984; and

(b) is so issued by a company resident outside the United Kingdom.

(6) Subsection (3) above applies where the new policy referred to in paragraph 9(2)(c) of Schedule 1 to the Taxes Act is issued after 22nd February 1984.