Qualifying policies: rules from 6 April 2013
Annual premium limit from 6 April 2013
From 6 April 2013, the annual limit for premiums payable by an individual beneficiary under qualifying policies is £3,600 in any 12 month period.
This 12 month period begins on the date of the event e.g. the issue or variation of a policy. The £3,600 premium limit includes both premiums payable in that period on a beneficiary’s (see IPTM2071) qualifying policies as well as any additional premiums that could be payable as a result of options or terms in those policies.
The annual limit is an aggregate amount that generally applies to all qualifying policies held by a beneficiary at any one time, including transitional period policies. See IPTM2075.
The annual premium limit applies from 6 April 2013 as follows:
- All policies issued on or after 6 April 2013
- All policies issued in the transitional period (i.e. on or after 21 March 2012 and before 6 April 2013)
- Policies issued before 21 March 2012 which become restricted relief qualifying policies after that date (see IPTM2076).
Tax Exempt Savings Plans issued by Friendly Societies are included within the annual premium limits.