Finance (Miscellaneous Provisions) Act, 1968

PART II

Stamp Duties

Short-term life insurance policies.

10.—(1) The maximum amount chargeable by way of stamp duty on any policy of life insurance made for a period not exceeding two years shall be sixpence.

(2) For the purposes of this section, a policy shall be treated as made for a period exceeding two years if it contains any provision whereby it may become available for a period exceeding two years in all.

(3) Where, at any time after the making of a policy on which the duty chargeable would, but for subsection (1) of this section, have exceeded sixpence, the policy is varied so that it becomes or may become available for a period exceeding two years in all, the policy shall become chargeable with the same duty as would have been chargeable if it had been made on the date of the variation for a period exceeding two years, and may be stamped accordingly, without penalty, at any time within thirty days after that date.