Finance Act, 1982
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Amendment of ection 152 (life insurance relief—general provisions) of Income Tax Act, 1967. |
7.—In relation to income tax for the year 1982-83 and subsequent years of assessment, section 152 of the Income Tax Act, 1967 , is hereby amended by the insertion of the following subsection after subsection (1): | |
“(1A) (a) In this subsection— | ||
‘policy of insurance’ includes a provision or arrangement for the purpose of securing a deferred annuity; | ||
‘premium’ includes such a sum as is referred to in section 143(1)(b); | ||
‘special terms’, in relation to a policy of insurance, means terms or conditions which, by reason of special circumstances concerning the health of the insured person, are less favourable as to the amounts of the premiums payable than those which would otherwise be available from the same insurer. | ||
(b) Where the aggregate amount of the premiums paid on a policy of insurance containing special terms is in excess of the aggregate amount of the premiums which would have been payable on the policy of insurance if it did not contain special terms and were in all other respects unchanged— | ||
(i) relief shall be given under sections 143 and 151 in respect of the amount of the excess without regard to the provisions of subsection (1), and | ||
(ii) in determining the amount of any other relief to be given under those sections, apart from relief in respect of the excess, subsection (1) shall have effect as if the excess had not been paid.”. |