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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Section 350

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Point in time view as at 02/12/2019.

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Section 350 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

350Connected contractsU.K.
This section has no associated Explanatory Notes

(1)An insurance contract is connected with another contract for the purposes of section 349 if conditions E and F are met—

(a)at the time when both contracts are first in force, or

(b)at any time after that time.

(2)Condition E is that one of the contracts was entered into—

(a)by reference to the other, or

(b)with a view to enabling or facilitating entry into the other on particular terms.

(3)Condition F is that the terms on which one of the contracts was entered into are significantly different from what they would have been if—

(a)it had not been entered into in anticipation of the other being entered into, or

(b)the other had not also been entered into.

(4)If—

(a)there is only one such significant difference in terms, and

(b)the contracts meet conditions A, B and C specified in section 349,

the difference may be disregarded in the following cases.

(5)The first case is where the difference is a reduction in premiums under the contract that is reasonably attributable only to the contract—

(a)containing a right to renew, or

(b)being entered into by way of renewal.

(6)The second case is where—

(a)two or more contracts have been entered into as part of a single transaction, and

(b)the difference is reductions in their premiums that are reasonably attributable only to the premium under each of them having been fixed by reference to the appropriate proportion of the combined premium.

(7)In subsection (6) “the combined premium” means the amount that would have been the total premium under a single contract relating to all the risks covered by the contracts.

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