The Inheritance Tax Act 1984, s. 263 applies where:

(1)a policy of life insurance is issued in respect of an insurance made on or after 26 March 1974 or is, on or after that date, varied or substituted for an earlier policy; and

(2)at the time the insurance is made, or at any earlier or later date, an annuity on the life of the insured is purchased; and

(3)the benefit of the policy is vested in someone other than the person who purchased the annuity.

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