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Life assurance relief—general provisions.
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152.—(1) The aggregate of the premiums or other sums in respect of which relief is given to any person under sections 143 and 151 shall not exceed one-sixth of the total income of the person from all sources estimated in accordance with the provisions of this Act.
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(2) No relief under section 143 or 151 in respect of any premium or other payment payable on a policy for securing a capital sum on death (whether in conjunction with any other benefit or not) shall be given in respect of so much of the premium or other payment as exceeds seven per cent. of the actual capital sum assured, or, where special terms apply to the insurance on the life of the insured person, of the prescribed capital sum, and, in calculating any such capital sum, or the prescribed capital sum, no account shall be taken of any sum payable on the happening of any other contingency, or of the value of any premiums agreed to be returned, or of any benefit by way of bonus, or otherwise, which is to be or may be received either before or after death, either by the person paying the premium, or by any other person, and which is not the sum actually assured or the prescribed capital sum.
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In this subsection—
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“special terms” in relation to an insurance means terms which, by reason of special circumstances concerning the health of the insured person, are less favourable as to the amounts of the premiums payable or as to the capital sum payable on death, than those which would otherwise be available from the same insurer;
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“the prescribed capital sum” means, in relation to an insurance (in this definition referred to as the said insurance), to which special terms apply, on the life of an insured person, the capital sum which would have been payable by the insurer on the death of that person by virtue of an insurance to which special terms did not apply and which, except as regards the capital sum payable on death, was in all respects the same as the said insurance.
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(3) No relief under section 143 or 151 shall be given in respect of the excess over £100 of the aggregate of all premiums and payments which are payable for securing any benefits other than those mentioned in subsection (2).
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(4) (a) War insurance premiums shall not be taken into account in calculating the limits of one-sixth of total income from all sources, or of seven per cent., or of £100 mentioned in this section.
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(b) In this subsection “war insurance premiums” means any additional premium 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 the Commissioners to whom the claim for relief is made to be attributable to those risks, or either of them.
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(5) No relief under section 143 or 151 shall be given for any year of assessment in respect of a payment if for that year a deduction—
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(a) is allowable under section 222, or
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(b) is allowable under section 233 (1)
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in respect of that payment or in respect of a similar payment made in the year preceding the year of assessment.
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(6) If any person entitled to relief under section 151 is charged to tax under any Schedule and has paid that tax, or has paid or has been charged with tax by deduction or otherwise, he shall, on a claim being made to the Special Commissioners, and on production to them of the receipt for his payment, and proof of the facts to their satisfaction, be entitled to repayment of the excess tax which he has paid or with which he has been charged as aforesaid.
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