(1)M1The aggregate of the premiums F2. . . in respect of which relief is given to any person under section 266 shall not exceed £1,500 in any year of assessment or one-sixth of that person’s total income, whichever is the greater.
(2)M2The aggregate of the relief given under [F3section 266] in respect of premiums F4. . . payable for securing any benefits other than capital sums on death shall not exceed the amount of the income tax calculated at [F512.5%] on £100.
(3)F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)M3War insurance premiums shall not be taken into account in calculating the limits of one-sixth of total income or of £100 mentioned in this section.
In this subsection “” means any additional premium F7. . . paid in order to extend an existing life insurance policy to risks arising from war or war service abroad, and any part of any premium F7. . . paid in respect of a life insurance policy covering those risks, or either of them, which [F8is] attributable to those risks, or either of them.
Textual Amendments
F1Word in s. 274 heading substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 4(6)
F2Words in s. 274(1) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(2)
F3Words in s. 274(2) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 4(3)(a)
F4Words in s. 274(2) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(3)(b)
F5Words in s. 274(2) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 4(3)(c)
F6S. 274(3) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(4)
F7Words in s. 274(4) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(5)
F8Word in s. 274(4) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 20
Marginal Citations
M1Source-1970 s.21(1); 1976 Sch.4 21
M2Source-1970 s.21(3); 1975 Sch.2 6
M3Source-1970 s.21(5)