SCHEDULES

SCHEDULE 15 U.K. QUALIFYING POLICIES

Modifications etc. (not altering text)

C1 Sch. 15 modified by Finance Act 1991 (c. 31, SIF 63:1), s. 50, Sch. 9 para. 5 (2)

C2 Sch. 15 modified (1.5.1995) by Finance Act 1995 (c. 4), Sch. 10 para. 4(2)(3)

PART I U.K. QUALIFYING CONDITIONS

Special types of policy U.K.

(i)Friendly Society policies U.K.

6 (1) M1 A policy which was issued by [F1 any registered friendly society F2 . . . ], or branch of [F1 such a society], in the course of [F3 exempt BLAGAB or eligible PHI business]F2 . . . 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. U.K.

(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 [F4 section 160 of the Finance Act 2012], 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

F1 Words 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

F2 Words in Sch. 15 para. 6(1) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 13(5)(a)(i)

F3 Words in Sch. 15 para. 6(1) substituted (with effect in accordance with s. 178 of the amending Act) by Finance Act 2012 (c. 14), Sch. 18 para. 13(5)(a)(ii)

F4 Words in Sch. 15 para. 6(2) substituted (with effect in accordance with s. 178 of the amending Act) by Finance Act 2012 (c. 14), Sch. 18 para. 13(5)(b)

Marginal Citations

M1 Source—1970 Sch.1, 3; 1985 s.41(4)

M2 Source—FSA 1974 s.64(2B); 1985 s.41(1); 1987 s.30(6)