Modifications etc. (not altering text)
C1Sch. 15 modified by Finance Act 1991 (c. 31, SIF 63:1), s. 50, Sch. 9 para. 5 (2)
C2Sch. 15 modified (1.5.1995) by Finance Act 1995 (c. 4), Sch. 10 para. 4(2)(3)
6(1)M1 A policy which was issued by [F1any registered friendly society (as defined in section 466)], or branch of [F1such a society], in the course of tax exempt life or endowment business (as defined in section 466) in respect of insurances made before 19th March 1985 and which has not been varied on or after that date is a qualifying policy notwithstanding that it does not comply with the conditions specified in paragraph 1 or 2 above.
(2)M2 Notwithstanding paragraphs 3 to 5 or sub-paragraph (1) above, if, on or after 19th March 1985, a person becomes in breach of the limits in section 464, the policy effected by that contract which causes those limits to be exceeded shall not be a qualifying policy; and in any case where—
(a)the limits in that section are exceeded as a result of the aggregation of the sums assured or premiums payable under two or more contracts, and
(b)at a time immediately before one of those contracts was entered into (but not immediately after it was entered into) the sums assured by or, as the case may be, the premiums payable under the contract or contracts which were then in existence did not exceed the limits in that section,
only those policies effected by contracts made after that time shall be treated as causing the limits to be exceeded.
Textual Amendments
F1Words in Sch. 15 para. 6(1) substituted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para. 19(7); S.I. 1993/236, art.2
Marginal Citations
M1Source—1970 Sch.1, 3; 1985 s.41(4)
M2Source—FSA 1974 s.64(2B); 1985 s.41(1); 1987 s.30(6)