Commentary

E1.444 Life insurance gains—excluded policies

Personal and employment tax

E1.444 Life insurance gains—excluded policies

E1.444 Life insurance gains—excluded policies

These rules do not apply to:

  1.  

    •     a policy or contract made before 20 March 1968, unless it is a life insurance policy which has been varied after that date to extend the term or increase the benefits (not including a policy where the only variation is in the amount of the premium)1

  2.  

    •     a mortgage repayment policy, which is a life insurance policy designed solely to provide, on death or disability, a sum substantially the same as is outstanding on a repayment mortgage of the insured's residence or place of business, the principal

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