Finance Act, 1990
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Application of section 60 (relief in respect of certain policies of insurance) of Finance Act, 1985 . |
130.—For the purposes of section 60 of the Finance Act, 1985 , “relevant tax” shall be deemed to include inheritance tax payable in respect of an inheritance taken under a disposition made by the spouse of the insured— | |
(a) where the inheritance is taken on the date of death of the insured, or | ||
(b) where the inheritance is taken only in the event of the insured not surviving the spouse by a period of up to 31 days, | ||
and the relevant qualifying insurance policy is— | ||
(i) a policy of insurance within the meaning of paragraphs (a), (b) and (c) of subsection (1A) of that section (inserted by section 84 of the Finance Act, 1989 ), or | ||
(ii) a policy of insurance where the insured is an individual and the proceeds of the policy are payable only on the contingency of the insured surviving that spouse. |