Finance Act, 1973
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Policies of life insurance. |
23.—(1) This section applies to any policy of life insurance made on the life of a person under the age of fifty-six years which is an endowment policy within the meaning of subsection (2) and which is or was issued in respect of an insurance made on or after the 16th day of May, 1973: | |
Provided that a policy of life insurance issued in respect of an insurance made before the 16th day of May, 1973, shall be treated for the purposes of this section as issued in respect of one made after that date if it is varied on or after that date so as to increase the benefits secured or to extend the term of the insurance. | ||
(2) In this section and in the First Schedule “an endowment policy” means a policy of life insurance which secures a capital sum payable either on survival for a specified term or on earlier death, or earlier death or disability but does not include a policy issued in the course of an industrial assurance business, within the meaning of section 3 of the Insurance Act, 1936. | ||
(3) Relief from income tax under section 143 of the Income Tax Act, 1967 , shall be granted in respect of the premiums payable on an endowment policy only if the policy is a qualifying policy within the meaning of the said First Schedule. |