Section 2 Maximum benefits.

United Kingdom

(1)

Section 64 of the Friendly Societies Act 1974 (maximum benefits) shall have effect, and be deemed always to have had effect, with the modifications in subsections (2) and (3) below.

(2)

In subsection (1) (financial limits)—

(a)

the words from the beginning to “through” shall be omitted;

(b)

for the words “receive from” there shall be substituted the words “ have at any time outstanding contracts with ”;

(c)

after the words “United Kingdom)” there shall be inserted the words “ for the assurance of ”; and

(d)

paragraphs (c) and (d) (the taxable business limits) shall be omitted.

(3)

In subsection (2) (matters to be disregarded in applying the limits) in paragraph (a) (bonus or addition declared upon assurance of a gross sum or annuity)—

(a)

after the word “addition” there shall be inserted the words “ which either is ”; and

(b)

at the end there shall be added the words “ or accrues upon such an assurance by reference to an increase in the value of any investments ”.

(4)

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(5)

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(6)

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(7)

With respect to any time prior to the coming into force of any of the enactments referred to in subsections (2) to (4) above, the like modifications as are made to that enactment by those subsections shall be deemed always to have been made to any earlier enactment the provisions of which are re-enacted in the enactment so referred to.

Annotations

Textual amendments

F1: S. 2(4)(5)(a)(b)(6) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844(4), Sch. 31
F2: S. 2(5) repealed (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1)(2), Sch. 3 Pt. I para. 52, Sch. 4; S.I. 2001/3538, art. 2(1)