# Income and Corporation Taxes Act 1988, Paragraph 4

Extent: E+W+S+N.I.

(1) The provisions of this paragraph have effect notwithstanding anything in paragraph 3 above.
(2) In determining whether a policy—
(a) which affords provision for sickness or other infirmity (whether bodily or mental), and
(b) which also affords assurance for a gross sum independent of sickness or other infirmity, and
(c) under which not less than 60 per cent. of the amount of the premiums is attributable to the provision referred to in paragraph (a) above,
is a qualifying policy, the conditions referred to in paragraph 3(1)(b) above shall be deemed to be fulfilled with respect to it.
(3) A policy shall cease to be a qualifying policy—
(a) if it falls within sub-paragraph (1) of paragraph 3 above and there is such a variation of its terms that any of the conditions referred to in that sub-paragraph ceases to be fulfilled; or
(b) if—
(i) it was effected in the course of the business of effecting or carrying out contracts of insurance which fall within paragraph 1 of Part I or paragraph VI of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001,
(ii) it was issued by a society other than an old society, and
(iii) the rights conferred by it are surrendered in whole or in part.

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Source: https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/4 (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-15/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.