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Limitation of income tax relief in respect of insurance premiums.
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17.—(1) A person shall not be entitled under section fifty-four of the Income Tax Act, 1853 (as amended by any subsequent enactment), to deduct from profits or gains—
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(a) In respect of any premium or other payment payable on a policy for securing a capital sum on death (whether in conjunction with any other benefit or not), more than seven per cent. of the actual capital sum assured; and
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(b) In respect of any premiums or payments to which that section applies payable for securing any other benefits, more than one hundred pounds in all;
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and the relief by way of repayment of tax under that section, or by way of deduction for the purposes of supertax under paragraph (b) of subsection (2) of section sixty-six of the Finance (1909–10) Act, 1910, shall be correspondingly limited.
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(2) In calculating the deduction under this section in respect of any premium or other payment payable on a policy for securing a capital sum on death no account shall be taken of any sum payable on the happening of any other contingency or of the value of any premiums agreed to be returned or of any benefit by way of bonus, or otherwise, which is to be or may be received either before or after death, either by the person paying the premium, or by any other person, and which is not the sum actually assured.
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