29 Life policies etc: effect of rebated or reinvested commission
Finance Act 2007 (2007 c 11) | Legislation

29  Life policies etc: effect of rebated or reinvested commission

(1)     . . .

(2)     In section 552 of that Act (information: duty of insurers), after subsection (12) insert—

“(13)     For the purposes of this section, no account is to be taken of the effect of section 548A above or section 541A of ITTOIA 2005.”

(3)     In ITTOIA 2005, after section 541 insert—

“Rebated or reinvested commission

541A Effect of rebated or reinvested commission in certain cases

(1)     This section applies if—

(a)     a chargeable event within section 484(1)(a)(i) to (iii), (c) or (e) occurs in respect of a policy or contract,

(b)     commission in respect of the policy or contract has at any time been rebated or reinvested, and

(c)     condition A or B is met.

(2)     For the purposes of performing the calculation in section 494 (total allowable deductions) for the chargeable event, the total amount of premiums under the policy or contract paid in the period mentioned in section 494(1) or (2)(b) is to be reduced by the total amount of commission attributable to those premiums that has been rebated or reinvested.

(3)

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