LegalizeThe Life Insurance Qualifying Policies (Statement and Reporting Requirements) (Amendment) Regulations 2015
Made: 4th March 2015
Laid before the House of Commons: 6th March 2015
Coming into force: 26th March 2015
The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by paragraph B3(7) of Schedule 15 to the Income and Corporation Taxes Act 1988[^f00001].
Citation and commencement
1
These Regulations may be cited as the Life Insurance Qualifying Policies (Statement and Reporting Requirements) (Amendment) Regulations 2015 and come into force on 26th March 2015.
Amendment of the Life Insurance Qualifying Policies (Statement and Reporting Requirements) Regulations 2013
2
- (1) The Life Insurance Qualifying Policies (Statement and Reporting Requirements) Regulations 2013[^f00002] are amended as follows.
- (2) In regulation 3 (exceptions to the requirement to make a statement), in sub-paragraph (c) for “occurs.” substitute—
- occurs; on the occurrence of an event within paragraph B3(1)(e) or (f) of Schedule 15 in respect of a policy, if— the policy is a protected policy within paragraph A4 of Schedule 15, and the policy is a paid-up policy.
Signed
Edward Troup — Nick Lodge — Two of the Commissioners for Her Majesty’s Revenue and Customs — 4th March 2015
Explanatory note
(This note is not part of the Regulations)
EXPLANATORY NOTE
Changes to the Life Insurance Qualifying Policy Regime were introduced by Finance Act 2013 which inserted paragraph B3 to Schedule 15 of the Income and Corporation Taxes Act 1988. The provisions require beneficiaries of qualifying policies to make statements to the insurer in respect of qualifying policies on the occurrence of certain events. The Life Insurance Qualifying Policies (Statement and Reporting Requirements) Regulations 2013 provide for exceptions from this requirement.
These Regulations provide for another exception to the requirement for beneficiaries to make a statement.
A Tax Information and Impact Note is attached to this memorandum and will be published alongside the Explanatory Memorandum on www.legislation.gov.uk.
Footnotes
[^f00001]: 1988 c.1; paragraph B3 of Schedule 15 to the Income and Corporation Taxes Act was inserted by paragraph 3 of Schedule 9 to the Finance Act 2013 (c. 29).
[^f00002]: S.I. 2013/1820.
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