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Income Tax (Trading and Other Income) Act 2005
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- UK Public General Acts
- 2005 c. 5
- SCHEDULE 2
- Part 6
- Paragraph 115
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Pre-9th April 2003 policy or contract: loans to trustees
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115(1)This paragraph makes provision for the application of section 501 (part surrenders: loans) in relation to—
(a)a policy of life insurance issued in respect of an insurance made before 9th April 2003,
(b)a contract for a life annuity made before that date, or
(c)a capital redemption policy where the contract was made before that date.
(2)In the case of a loan made before that date that section applies with the omission—
(a)of subsections (1)(b) and (3) (by virtue of which the section applies to loans to trustees), and
(b)in subsection (5)(b) of the words “, trustees” and “, trustees'”.
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