Commentary

E1.1310 Outline of the system

Personal and employment tax

E1.1310 Outline of the system

System of relief since 1979–80

E1.1310 Outline of the system

Life assurance premium relief is abolished in respect of all policies with effect from, broadly, 6 April 2015 (see E1.1300).

Since 1979–80 a system of premium relief by deduction has applied, whereby the taxpayer deducts and retains, at the time of payment of the premium, an appropriate amount (currently 12·5% although the rate has varied over time) in satisfaction of premium relief due1.

A premium which falls due and payable in a particular year of assessment is treated as paid in that year irrespective of the actual date of payment2.

Regulations3 authorise

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