Schedule 2: Transitionals and savings etc. Overview Paragraph 101: Pre-25th March 1982 replacement policies: disapplication of section 542
3598.This paragraph is based on paragraph 20(4) of Schedule 15 to ICTA. A replacement policy issued before 25 March 1982 is not treated as a single policy with the one it replaced, but as a freshly issued policy in, for example, the calculation of “N” in section 536 (calculations for top slicing relief).