Commentary

E1.1314 Restrictions on premiums allowable

Personal and employment tax

E1.1314 Restrictions on premiums allowable

E1.1314 Restrictions on premiums allowable

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

The amount of the premiums on which relief is allowable is restricted by reference to an individual's total income, and cannot exceed one-sixth of his total income, or £1,500, whichever is the greater1.

'War insurance premiums' are excluded from this restriction and are defined as meaning:

'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 paid

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