Finance Act, 1916

• Permanent Page URL

Income tax relief on war insurance premiums.

37.—(1) Section fifty-four of the Income Tax Act, 1853, as amended by any subsequent enactment, shall apply to all war insurance premiums, whether payable annually or not.

(2) War insurance premiums shall not be taken into account in calculating the limit of one-sixth of the profits and gains under the proviso the said section fifty-four or the limits of seven per cent. or one hundred pounds under subsection (1) of section seventeen of the Finance Act, 1915.

(3) In this section the expression “war insurance premium” means any additional premium or other sum paid in order to extend an existing life insurance or other sum paid in order to extend an existing life insurance policy to risks arising from war or war service abroad, and any part of any premium or other sum paid in respect of a life insurance policy covering those risks, or either of them, which appears to them Commissioners to whom the claim for relief is made to be attributable to those risks, or either of them.