Finance Act, 1916

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Limitation of relief from income tax in respect of insurance premiums.

36.— The relief given under section fifty-four of the Income Tax Act, 1853, as amended by any subsequent enactment, shall not, as regards insurances or contracts for deferred annuities made after the twenty-second day of June nineteen hundred and sixteen, be given at a greater rate than that of three shillings in the pound; and shall not, as regards any insurance or contract for a deferred annuity, be given, notwithstanding anything in paragraph (b) of subsection (2) of section sixty-six of the Finance (1909–10) Act, 1910, for the purposes of super-tax.

(2) The said relief shall not, as regards isurances or contracts for deferred annuities made after the twenty-second day of June nineteen hundred and sixteen—

(a) be given exept in respect of premiums or other payments payable on polices for securing a capital sum on death, whether in conjunction with any other benefit or not; or

(b) be given in respect of premiums or payments payable during the period of deferment in respect of a policy of deferred assurance:

Provided that nothing in this subsection shall affect premiums or payments payable on policies or contracts made in connection with any superannuation or bonâfide pension scheme for the benefot of the employees of any employer or of persons engaged in any particular profession, vocation, trade, or business, or on any policy taken out by a teacher in a secondary school pending the establishment of a superannuation or pension scheme for those teachers.