SCHEDULE 18 Pensions Schemes: Abolition of Relief for Life Assurance Premium Contributions etc
Finance Act 2007 (2007 c 11) | Legislation

SCHEDULE 18 Pensions Schemes: Abolition of Relief for Life Assurance Premium Contributions etc

Section 68

Introduction

1

Part 4 of FA 2004 (pension schemes etc) is amended as follows.

Life assurance premium contributions not to be relievable pension contributions

2

In section 188(3) (relief for members' contributions: contributions which are not relievable pension contributions), after paragraph (a) insert—

“(aa)     any contributions which are life assurance premium contributions (see section 195A),â€.

Life assurance premium contributions

3

After section 195 insert—

“195A Life assurance premium contributions

(1)     Contributions paid by or on behalf of an individual under a registered pension scheme are life assurance premium contributions for the purposes of section 188(3)(aa) if—

(a)     rights under a non-group life policy (see subsection (2)) are (or later become) held for the purposes of the pension scheme, and

(b)     the contributions are treated by this section as paid in respect of premiums under the non-group life policy (see subsections (3) to (5)).

(2)     For the purposes of this section a “non-group life policy†is a policy of insurance under which the only benefits which may become payable are benefits payable in consequence, or in anticipation, of—

(a)

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