SCHEDULES

SCHEDULE 9 Life Policies Etc. Held by Companies

6

(1)

Section 548 shall be amended as follows.

(2)

In subsection (1)—

(a)

in paragraph (a), after the words “an individual’s total income”there shall be inserted the words “or the income of a company”;

(b)

in paragraph (c), after the words “that individual” there shall beinserted the words “or company”;

(c)

for the words “subsection (3)” there shall be substituted the words “subsections (3) and (3A)”.

(3)

After subsection (3) there shall be inserted—

“(3A)

Subsections (1) and (2) do not apply where the rights conferred by thepolicy or contract are in the beneficial ownership of a company, or are heldon trusts created, or as security for a debt owed, by a company, if the policywas issued in respect of an insurance made before 14th March 1989 or thecontract was made before that date.”