Income Tax (Trading and Other Income) Act 2005 section 120

The date condition

Section 120 defines the date condition that a policy or contract must meet, based on whether it was issued or made before 17th March 1998.

• A policy meets the date condition if it relates to an insurance made before 17th March 1998.
• A contract meets the date condition if it was made before 17th March 1998.
• The relevant cut-off date for both policies and contracts is 17th March 1998.
• This date condition acts as a qualifying test that may determine how a policy or contract is treated for income tax purposes.