HC Deb 27 June 1968 vol 767 c944

FINANCE: LIFE POLICIES

Resolved, That provision be made with respect to policies of life insurance issued in respect of insurances made on or before 19th March, 1968, and varied after that date so as to increase the benefits secured, or to extend the term of the insurance—

  1. (a) restricting, for the year 1967–68 and subsequent years of assessment, relief under section 219 of the Income Tax Act 1952 in respect of the premiums payable thereunder, and
  2. (b) charging, for the year 1968–69 and subsequent years of assessment, gains to be treated in accordance with the provision as arising in connection therewith to surtax, and to tax under section 77 of the Finance Act 1965 (shortfall in distributions of close company).—[Mr. Harold Lever.]