RIGHTS TO BE BENEFICIALLY OWNED BY INDIVIDUALS ONLY

B1(1)  Sub-paragraph (2) applies in relation to a policy issued in respect of an insurance made on or after 6 April 2013.

B1(2)  In order for the policy to be a qualifying policy, when it is issued all the rights under it must be beneficially owned by (and only by)–

(a)one individual, or

(b)two or more individuals taken together.

(This is the case notwithstanding any other provision of this Schedule.)

B1(3)  Sub-paragraph (2) does not apply if the policy is protected.

B1(4)  A policy is “protected” if it is a new policy (as defined in paragraph 17 below) in relation to–

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.