HC Deb 26 June 1916 vol 83 cc566-7

5. "That the relief given under Section fifty-four of the Income Tax Act, 1853, as amended by any subsequent enactment, shall not, as respects insurances or contracts for deferred annuities made after the twenty-second day of June, nineteen hundred and sixteen, be given except given respect of premiums or payments for—

  1. (1) an insurance limited to the payment of a capital sum on death; or
  2. (2) an insurance limited to the payment of a capital sum on death and the payment of a sum on reaching a certain age, so long as—
    1. (a) the age is not less than sixty-years; and
    2. (b) there is an interval of at least twenty years between the date of the contract of insurance and the date on which the sum becomes payable; and
    3. (c) the sum payable on attaining the required age is not greater than the sum payable on death;
  3. (3) contracts for deferred annuities, where—
    1. (a) the contract is limited to the payment of an annuity commencing at an age not less than sixty years; and
    2. (b) there is an interval of at least twenty years between the date of the contract and the date on which the annuity commences;
and that the relief under that Section by way of repayment of tax and the deductions from income allowed for the purposes of Super-tax under Sub-section (2) of Section sixty-six of the Finance (1909–10) Act, 1910, shall be accordingly limited."