Introduction Summary
1.Section 25 and Schedule 9 provide for the implementation of a new annual premium limit on qualifying life insurance policies (QPs). The amount of premiums payable into QPs for an individual will be limited to no more than £3,600 in any 12 month period for QPs issued on or after 6 April 2013. Transitional rules will apply for policies issued from 21 March 2012 to 5 April 2013 inclusive. Policies issued in this period will be restricted so that full relief is available in relation to premiums payable or treated as payable in the transitional period, but the £3,600 annual limit will apply to premiums payable thereafter.