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Life Policies, Life Annuities And Capital Redemption Policies

Volume 887: debated on Tuesday 4 March 1975

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendment made:

No. 118, in page 42, line 33, at end insert:

"or, if he so elects, to the Special Commissioners"

Amendment proposed, No. 128 in page 50, line 26, at end insert

"(and if the policy is one falling within subsection (2) of section 394, those results shall follow under section 8 of this Act, whether or not a gain would be treated as arising on the surrender)".—[Mr. Joel Barnett.]

Question put, That the amendment be made:—

The House proceeded to a Division:—

(seated and covered): On a point of order, Mr. Deputy Speaker. Is it in order that the hon. Member for Cirencester and Tewkesbury (Mr. Ridley) should be bullied in the way that I have just seen him being bullied to try to persuade him to withdraw from this rather stupid action?

Mr. John Ellis and Mr. David Stoddart were appointed Tellers for the Ayes but, no Member being willing to act as Teller for the Noes, Mr. Deputy Speaker declared that the Ayes had it.

Amendment accordingly agreed to.

Amendments made: No. 130, in page 50, line 35, leave out paragraph ( b) and insert—

"(b) either interest at a commercial rate is payable on the sum lent or the sum is lent to a full-time employee of the body issuing the policy for the purpose of assisting him in the purchase or improvement of a dwelling used or to be used as his only or main residence".

No. 134, in page 51, line 12, at end insert—

"18A.—(1) Where such an excess is mentioned in paragraph (a) or (b) of section 395(1) or paragraph (a) of section 397(1) would be treated as a gain arising in connection with a policy or contract and would form part of an individual's total income for the year of assessment in which the final year ends, a corresponding deficiency occurring at the end of the final year shall be allowable as a deduction from his total income for that year of assessment, so far as it does not exceed the total amount treated as a gain by virtue of section 395(1)(d) or 397(1)(c) on the previous happening of chargeable events.

'11 & 12 Geo. 6. c. 38.The Companies Act 1948.In section 459(9)(c), the words from "subsection (4)" to "Act) of" and the word "other".'
No. 295, in page 139, line 46, at end insert—
1960 c. 22 (N.I.)The Companies Act (Northern Ireland) 1960.In section 403(9)(b), the words from "subsection (4)" to "Act) of" and the word "other".'

No. 296, in page 142, line 8, leave out '25th' and insert '26th'.—[ Mr. Joel Barnett.]

Further consideration of the Bill, as amended, stood adjourned.

Bill, as amended, to be further considered this day.