- Latest available (Revised)
- Original (As made)
The Income Tax (Life Assurance Premium Relief) Regulations 1978
You are here:
- UK Statutory Instruments
- 1978 No. 1159
- Explanatory Note
What Version
Opening Options
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format. The electronic version of this UK Statutory Instrument has been contributed by Westlaw and is taken from the printed publication. Read more
EXPLANATORY NOTE
These Regulations supplement Schedule 4 to the Finance Act 1976 which (as amended by Schedule 3 to the Finance Act 1978) provides a new system for income tax relief on life assurance premiums.
As from 6th April 1979 an individual who pays a premium on which relief is due will normally be entitled to deduct and retain an appropriate sum for relief and the Inland Revenue will reimburse the life office for the consequent deficiency in its premium receipts.
Regulation 3 provides for the furnishing to life offices by persons paying premiums of such information as may be necessary for determining the entitlement to make deductions. Regulation 4 provides for rounding to a multiple of one new penny or one new halfpenny any payment which after deduction of the appropriate relief is not such a multiple. Regulations 5 to 10 deal with the claim procedure under which life offices recover the deficiency in premium receipts. Regulations 11 and 12 give the Revenue power to obtain necessary information from policyholders and life offices.
Options/Help
Print Options
PrintThe Whole Instrument
PrintThis Explanatory Note only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.