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Finance Act 2003
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Finance Act 2003, Part 4 is up to date with all changes known to be in force on or before 25 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Part 4U.K.Rollover of gain on maturity into new policy
Repeal of section 540(2) of the Taxes Act 1988U.K.
14(1)Section 540(2) of the Taxes Act 1988 (maturity not a chargeable event if option exercised to re-invest whole proceeds of maturing policy in new policy) shall cease to have effect.U.K.
(2)This paragraph is subject to paragraph 15.
Saving for certain policies maturing on or after 9th April 2003U.K.
15(1)The maturity of a policy of life insurance (“the old policy”) on or after 9th April 2003 is not a chargeable event for the purposes of Chapter 2 of Part 13 of the Taxes Act 1988 [F1or Chapter 9 of Part 4 of the Income Tax (Trading and Other Income) Act 2005] if—U.K.
(a)a new policy is issued in consequence of the exercise of an option conferred by the old policy,
(b)all sums becoming payable under the old policy on or after 9th April 2003 are retained by the company with which the insurance was made and applied in the payment of one or more premiums under the new policy, and
(c)sub-paragraph (2) applies.
(2)This sub-paragraph applies if—
(a)the option was exercised in writing on or before 8th April 2003, or
(b)the old policy matures on or before 30th April 2003 and has not been varied on or after 9th April 2003 so as to—
(i)change the date of maturity of the policy,
(ii)change any option conferred by the policy, or
(iii)confer any option.
Textual Amendments
F1Words in Sch. 34 para. 15(1) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 625 (with Sch. 2)
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