HC Deb 25 March 1976 vol 908 cc248-9W
Mr. Ridley

asked the Chancellor of the Exchequer why he is refusing to certify a policy document as a qualifying policy under Schedule 2, paragraph 1(1)(b)(i) to the Finance Act 1975, when the policy is issued to a United Kingdom resident by a life assurance company established outside the United Kingdom; and upon what statutory authority.

Mr. Robert Sheldon

Paragraph 1, Schedule 2, Finance Act 1975, does not impose an obligation on the Board of Inland Revenue to issue a certificate in respect of a proposed standard form of qualifying policy; it provides an appeal procedure which may be used where the Board refuses to certify a particular policy. The Revenue considers it inappropriate to issue a certificate in respect of a proposed standard form of policy where the circumstances are such that it will have little practical effect, in that the Revenue would in any event wish to see the individual policies isued in accordance with the proposed standard form before allowing any tax reliefs claimed; policies issued on or after 1st April 1976 to United Kingdom residents by life offices established outside the United Kingdom which do not carry on business through a branch in the United Kingdom come into this category.

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