Part 4 Life Assurance
Finance Act 2012 (2012 c 14) | Legislation

Part 4 Life Assurance

Abolition of income tax relief for life assurance premiums under section 266 of ICTA

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Section 266 of ICTA (income tax relief for life assurance premiums paid by eligible individuals) applies in relation to a premium or part of a premium only if the premium or part of a premium—

(a)     becomes due and payable before 6 April 2015, and

(b)     is actually paid before 6 July 2015.

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No claim for relief may be made under paragraph 6 of Schedule 14 to ICTA (provisions ancillary to section 266) after 5 April 2016.

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(1)     The Income Tax (Life Assurance Premium Relief) Regulations 1978 (SI 1978/1159) (“the 1978 Regulationsâ€) have effect in accordance with this paragraph.

(2)     Subject to sub-paragraph (3), an annual claim for the financial year of a life office must be made no later than—

(a)     the end of the six-year period allowed by regulation 9(1), or

(b)     if earlier, the end of the relevant 6-month period,

and regulation 9(8) has effect accordingly.

(3)     An annual claim which a life office is required to make under regulation 9(2) must be made no later than—

(a)     the end of

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