Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 34 U.K. Policies of life insurance etc: miscellaneous amendments

Part 4 U.K. Rollover of gain on maturity into new policy

Repeal of section 540(2) of the Taxes Act 1988 U.K.

14 (1) Section 540(2) of the Taxes Act 1988 (maturity not a chargeable event if option exercised to re-invest whole proceeds of maturing policy in new policy) shall cease to have effect. U.K.

(2) This paragraph is subject to paragraph 15.